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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 241 Questions

3 Sub Categories

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In the absence of a Partnership Deed, Interest on Capital

1.22K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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In the case of fixed capital, partners will have

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Pick the odd one out of the following:

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Current Accounts of Partners are maintained if

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In the absence of a Partnership Deed, the profit of a firm is divided among the partners

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Mohit and Rohit were partners in a firm with capitals of ₹ 80,000 and ₹ 40,000 respectively. The firm earned a profit of ₹ 30,000 during the year. Mohit’s share in the profit will be

2.54K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Relationship between the partners is of

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The profit & Loss Appropriation Account is prepared to

1.73K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Which Capital accounts with balances always show a credit balance?

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Which of the following is not an essential feature of partnership?

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Partners have to pay interest on withdrawals (in cash or kind) only when provided by the

1.81K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Ram and Mohan are partners. They draw for personal use ₹ 60,000 and ₹ 40,000 respectively. Interest is chargeable @ 6% p.a. On Drawings. What is the interest on drawings?

1.77K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Mohan draws ₹ 10,000 p.m. on the last day of every month for his personal use. If interest is to be charged @ 5% p.a., interest chargeable from him in the accounting year will be

3.68K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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If the equal amount is withdrawn at the beginning of each month for personal use, the period for which interest will be charged will be

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The product method is used for the calculation of

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Partner’s Drawing Account is closed

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Mohan, Mayank, and Madan are partners, their Partnership Deed provides for interest on drawings at 8% p.a., Mayank withdrew a fixed amount in the middle of every month and his interest on drawings amounted to ₹ 24,000 at the end of the year. What was the amount of his monthly drawings?

4.80K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Ramesh, Rahul and Raman are partners. Raman withdrew ₹ 20,000 per month in the middle of the month. Interest on drawings charged for the year was ₹ 7200. The rate of interest on drawings is

3.28K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Interest on the capital of a partner is a

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Mohan, a partner, withdraws ₹ 20,000 on 1st April 2022 and ₹ 40,000 on 1st October 2022. Interest on Drawings @ 6% p.a. on 31st March 2023 will be

5.55K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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When a guarantee is given to a partner by some partners, deficiency on such guarantee is borne by

1.68K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Which of the following items is not dealt through the Profit and Loss Appropriation Account?

1.74K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Which of the following will not be shown in the debit of the Profit and Loss Appropriation Account?

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

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Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with capitals of ₹ 5,00,00 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to the firm.

5.66K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were ₹ 1,20,000 and ₹ 2,40,000 respectively. They were entitled to interest on capital @ 10%. The firm earned profit of ₹ 18,000 during the year. The interest on Vidit’s capital will be

8.91K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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