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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 234 Questions

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Old and Young are equal partners in a firm. Their draft accounts for the year ended 31st March, 2023 show profit of ₹ 1,50,000 before taking into account interest @ 10% p.a. on loan for ₹ 50,000 from Young. Partners are to get salary as follows:

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

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Which one of the following items is not transferred in the Profit and Loss Appropriation Account?

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When Guarantee is given to a partner by the other partners, loss on such guarantee will be borne by

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Under Fixed Capital Method:

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Arif, Ravi and Ben are partners in a firm sharing profits and losses in the ratio of 6:4:1. Arif guaranteed minimum profit of ₹ 16,000 to Ben. The trading profit of the firm for the year ending 31st March, 2021, was ₹ 1,32,000.

3.36K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Pick the odd one out from the following

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Gautam, Yashica and Asma entered into a partnership on 1st April, 2022 sharing profits and losses in the ratio of 3:2:1. Gautam and guaranteed that Asma’s share of profit after allowing interest on capital @ 5% p.a. would not be less than ₹ 30,000 p.a. The capitals contributed were Gautam ₹ 3,00,000, Yashica ₹ 2,00,000 and Asma ₹ 1,00,000.

1.07K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Simi, Manu and Beena are partners in a firm sharing profits and losses in the ratio of 2:2:1. The balances of their fixed capital accounts on 1st April, 2020, were: Simi ₹ 1,00,000, Manu ₹ 1,00,000 and Beena ₹ 80,000.

3.48K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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X, Y and Z are partners. Their fixed capitals as on 31st March, 2023 were X ₹ 50,000, Y ₹ 1,00,000 and Z ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was distributed.

3.00K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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On 1st April, 2020, Pixie, Nixie and Gypsy entered into a partnership with fixed capitals of ₹ 60,000, ₹ 50,000 and ₹ 30,000 respectively. On 1st October, 2020, Pixie gave a loan of ₹ 12,000 to the firm.

2.89K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th MCQs

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Akul, Bakul and Chadan are partners in a firm sharing profits and losses in the ratio of 4:3:3. Their fixed capitals are 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 respectively. For the year 2022-23, interest on capital is credited to them @ 10%. p.a. instead of 5% p.a. Which of the following entries is necessary to correct the error?

1.80K 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 ‘Past Adjustments’ in reference to Partnership Accounts?

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Bikram, Iqrar and Jiten entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Bikram guaranteed that Jiten’s share of profit would not be less than ₹ 2,00,000 p.a.

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

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Vikas, Vijay and Awdesh entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Vikas guaranteed that Awadesh’s share of profit would not be less than ₹ 3,00,000 p.a. Profit for the period ended 31st March, 2023 was ₹ 12,00,000. Calculate deficiency to be charged to Vikas.

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

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What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him?

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

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State the meaning of Guarantee of minimum profit.

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Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method.

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Match List I (Provisions of Partnership Act) with List II (Matters with which the provisions are related) and select the correct answer using the codes given below the lists:

1.09K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th Matching Type MCQs

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Give the adjusting and Closing entry for recording interest on drawins charged from the partners when the firm follows the fixed capital method.

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

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State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when:

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Give one reason why partners are charged interest on drawings.

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When and why is it that the Capital Account of a partner does not show a Debit Balance in spite of regular and consistent losses year after year?

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The firm with X, Y and Z as partners earned a profit of ₹ 3,00,000 during the year ended 31st March, 2011. 20% of this profit was to be transferred to General Reserve. Pass the necessary Journal entry for the same.

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

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Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm, when the firm follows the Fluctuating Capital Method.

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

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State one difference between Partner’s Loan Account and Partner’s Capital Account.

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