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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 246 Questions

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Atul and Mithun are partners sharing profits in the ratio of 3 : 2. Balances as on 1st April 2022 were as follows

14.09K viewsAnurag Pathak Changed status to publish April 8, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

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Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2 : 3 : 1. According to the partnership agreement

5.64K viewsAnurag Pathak Changed status to publish April 5, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions

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Aditi, Bobby and Krish were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their capitals were ₹ 5,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively

5.34K viewsAnurag Pathak Changed status to publish April 5, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions

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X and Y are partners sharing profits equally. Z was a manager who received a salary of ₹ 8,000 p.m. and in addition a commission of 5%

6.23K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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X, Y, and Z are partners in a firm sharing profits and losses in the ratio of 6:4:1. X guaranteed a profit of ₹ 15,000 to Z

8.52K viewsAnurag Pathak Changed status to publish April 1, 2024[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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.

9.14K 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.

5.87K 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.

5.93K 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.

7.68K 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.

3.88K 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.

5.03K 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.

5.77K 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.

5.27K 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.

7.69K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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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

10.32K 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.

3.75K 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.

3.60K 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.

3.77K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

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

3.03K 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?

3.56K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

What is Profit and Loss Appropriation Account

3.43K 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?

3.16K 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?

5.09K 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.

3.84K 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.

3.51K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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