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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 234 Questions

3 Sub Categories

0 Votes 1 Ans

The profit & Loss Appropriation Account is prepared to

1.21K 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?

1.26K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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

1.38K 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?

1.14K 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

2.98K 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If the equal amount is withdrawn at the beginning of each month for personal use, the period for which interest will be charged will be

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

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The product method is used for the calculation of

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

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Partner’s Drawing Account is closed

1.50K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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?

4.14K 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

2.70K 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

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

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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

4.56K 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

1.07K 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?

1.29K 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?

1.00K 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.

4.61K 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

7.56K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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A and B are partners with capitals of ₹ 2,00,000 and ₹ 1,00,000 respectively. Interest payable on capital is 10% p.a. Determine the amount of appropriation of each partner when the profit earned by the firm is ₹ 24,000.

4.44K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his share in a year will not be less than ₹ 50,000. Profit for the year ended 31st March 2023 is ₹ 4,00,000.

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

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Pawan, manager of the firm, is admitted as partner w.e.f 1st April 2022 to manage the business. The salary paid to him during the year ended 31st March 2023 will be

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

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Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as of 31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively.

7.02K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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A, B, and C are partners. A’s Capital is ₹ 3,00,000 and B’s Capital is ₹ 1,00,000. C has not invested any amount as capital but he alone manages the whole business. C wants ₹ 30,000 p.a. as salary, though the deed is silent.

3.69K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Choose the correct sequence of the following transactions in the context of the Division of Profits:

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

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The partners of a firm distributed the profits for the year ended 31st March 2023, ₹ 4,50,000 in the ratio of 3:2:1 without providing for the following adjustments:

4.86K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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