Commerce School

Student Community

YOUTUBE CHANNELSubscribe

Telegram Channel

Commerce School

Student Community

Telegram Channel

YOUTUBE CHANNELSubscribe

Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 234 Questions

3 Sub Categories

0 Votes 1 Ans

Shiv and Mohan are two partners sharing profits and losses in the ratio of 3:2. On 31st March 2023, their capital Accounts stood at ₹ 55,000 and ₹ 45,000 after distribution of net profit of ₹ 15,000 and due consideration of drawings of the partners for ₹ 6,000 and ₹ 4,000 respectively.

4.85K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Girdhar, a partner withdrew ₹ 5,000 at the beginning of each quarter and interest on drawings was calculated as ₹ 1,500 at the end of the accounting year 31st March 2022. What is the rate of interest on drawings charged?

4.81K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Adil, Bhavya, and Chris are partners sharing profits in the ratio of 5:4:1. Chris is given a guarantee that his share of profit in any year will not be less than ₹ 5,000. The deficiency in the profit share of Chris will be borne by Bhavya.

3.44K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

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

1.25K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Which of the following is transferred to the Profit and Loss Appropriation Account?

1.28K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

If the fixed amount is withdrawn on the last day of every month of a calendar year, interest on total amount of drawings will be calculated for

1.01K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

When interest on capital is allowed to partners, Interest on Capital Account is debited and Partner’s Capital Account is credited, it is called

1.34K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Interest on Partners’ Drawings is credited to

1.03K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Define Partnership

1.12K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Distinguish between ‘Fixed Capital Account’ and Fluctuating Capital Account’ on the basis of credit balance.

1.05K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

What is meant by ‘Fluctuating Capital’ of a Partner?

1.33K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

What is Meant by ‘Fixed Capital’ of a Partner?

1.12K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Neha, a partner, owns a building from where the firm carries its business. The firm pays her ₹ 10,000 as the rent for the building. Will it be transferred to Profit & Loss Account or Profit & Loss Appropriation Account? Why?

2.63K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

X and Y are partners. y wants to admit his son K into business. Can K become the partner of the firm without the consent of X?

1.48K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Why is it considered better to make a partnership agreement in writing?

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

0 Votes 1 Ans

What is a Partnership Deed?

1.20K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Does a partner has the right not to allow admission of a new partner if the Partnership Deed does not exist?

1.06K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Is there any restriction on the maximum number of partners? if yes, name the act under which it is prescribed.

1.31K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

A group of 40 People wants to form a Partnership Firm. They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the act under whose provisions it is given.

1.53K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

What is the maximum number of Partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm.

1.38K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Does Partnership firm has a separate legal entity? Given reason in support of your answer.

1.02K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

State any two essential features or characteristics of the Partnership other than a minimum number of partners and profit sharing.

1.30K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Written agreement among the Partners is called

1.19K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

Partner’s Current Accounts are opened when their Capital Accounts are

1.08K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

0 Votes 1 Ans

Commission of 20% on net Profit after charging such commission is calculated as

2.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

« Previous 1 2 … 5 6 7 8 9 10 Next »

Question and answer is powered by anspress.net