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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 241 Questions

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Hari and Kunal were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March 2022 were: Hari ₹ 60,000 and Kunal ₹ 80,000. They agreed to allow interest on capital @ 12% p.a.

5.70K viewsAnurag Pathak Changed status to publish December 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Assertion (A): Rent to a Partner is transferred to the debit of Profit & Loss Account but is not transferred to the debit of Profit and Loss Appropriation Account.

3.69K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Interest on Loan to partner is charged @ 6% p.a., if Partnership Deed does not provide for charging of interest.

3.40K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Avinash, a partner in the firm gave loan of ₹ 5,00,000 to the firm without an agreement as to rate of interest. Interest on Loan by Avinash is to be allowed @ 6% p.a.

4.42K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Commission provided to partner is shown in Profit and Loss Account.

1.86K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Interest charged on drawings is debited to Profit and Loss Appropriation Account.

2.32K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Drawings against capital is transferred to Partner’s Current Account, if capital is fixed.

3.29K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Partnership is a separate and distinct entity from partners from the viewpoint of accounting.

2.84K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Bharat, a partner in the firm gave loan of ₹ 5,00,000 of the firm without an agreement as to rate of interest. At the year end, the remaining partners agreed to allow interest on Loan by Bharat @ 8% p.a.

4.57K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest on drawings is charged @ 8% p.a. At the end of the year interest on Green’s drawings amounts to ₹ 2,600. Monthly drawings of Green were

7.24K viewsAnurag Pathak Changed status to publish April 10, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give two items which may appear in the debit side of a Partner’s Current Account.

1.64K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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State the two situations under which interest on capital is generally provided.

1.65K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Interest on capital is credited to Partner’s Current Account. Name the method of maintaining a Capital Account.

2.06K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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List item that may be in the debit side of a Partner’s Fixed Capital Account.

1.43K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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In case the Partner’s Capital are fixed, in which account will the withdrawal of capital be recorded?

1.61K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is Profit and Loss Appropriation Account

1.63K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Under what Circumstances Average Method of calculating interest on drawings is applied?

1.45K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Amit, a partner in a partnership firm, withdrew ₹ 7,000 at the beginning of each quarter. For how many months would interest on drawings be charged?

2.92K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the beginning of each quarter.

1.69K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Explain briefly the meaning of a guarantee of minimum profit.

1.78K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is meant by ‘unlimited liability of a partner’?

1.99K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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If the partner’s capitals are fixed, in which account interest charged on drawings will be credited?

1.47K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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In the absence of a Provision in the partnership deed, In which ratio is the deficiency arising out of the guarantee of profit to a partner borne by the other partners.

1.56K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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The feature of a Partnership Firm is

1.32K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Interest on Capital is allowed on

2.12K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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