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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 234 Questions

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State giving reason to which account interest on loan taken by a partner from the firm is debited and credited if partner’s capitals are fixed.

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

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State giving reasons to which account interest on loan by partner is debited and credited if partner’s capitals are fixed.

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

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In what way would you deal with rent paid to a partner for the use of his premises by the firm in which he is a partner and why?

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

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Saloni and Shrishti are partners sharing profits and losses in the ratio of 2:3 with capitals of ₹ 20,000 and ₹ 10,000 respectively. The partnership deed provides for interest on capital @ 6% p.a. and the profit for the year was ₹ 1,500. State giving reason, how much interest on capital will be allowed.

1.58K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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How will a firm deal with a situation when its partnership deed provides for interest on capital, but the profit earned by it is not enough to do so, at the rate mentioned in the deed?

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

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What is Interest on Capital? Give one reason why it is allowed to partners.

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

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Is there any situation where interest allowed on capital is debited to Profit and Loss Account?

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

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Interest allowed on capital is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account. Why?

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

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Give one difference between Partner’s Capital Account and Current Account.

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

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Give two differences between Fixed and Fluctuating Capital Accounts

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

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List two instances when a partner’s fixed capital may change.

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

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State two differences between interest on capital allowed to partners and interest on drawings charged from partners.

1.14K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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List any two items which may appear on the credit side of a Partner’s Fixed Capital Account.

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

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State any three items shown on the debit side of the Capital Account of a partner when the capitals are fluctuating.

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

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Mittal & Sons earned a profit of ₹ 2,75,000 during the year ended 31st March, 2016. 10% of this profit was to be transferred to Investment Fluctuation Reserve. Pass the necessary Journal entry for the same.

2.11K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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List any two items shown on the debit side of Profit & Loss Appropriation Account.

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

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Why is Profit and Loss Appropriation Account prepared by the Partnership Firm?

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

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Give any two points of difference between Profit and Loss Appropriation Account and Profit and Loss Account.

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

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How is interest on drawings on unequal amounts drawn at unequal intervals calculated?

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

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How is interest on drawings of equal amounts drawn on the last day of every month calculated?

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

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How is interest on drawings of equal amounts drawn on the 1st day of every month calculated?

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

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Raj and Shyam are Partners in a firm having no Partnership Deed. Raj has advanced ₹ 10,000 as loan to the firm. He claims interest at the usual rate of interest of 12% p.a. as charged by the banks to which Shyam does not agree. State giving reason, which of the two is correct in this case.

1.90K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Mita and Mohan are partners sharing Profits and Losses in the ratio of 1 : 2 with capitals of ₹ 15,000 and ₹ 25,000 respectively. The Partnership Deed provides for interest on capital @ 6% per annum. The trading loss for the year ending 31st March, 2016 was ₹ 1,500. State, giving reason, the amount of interest of capital which will be allowed to the partners.

2.35K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of ₹ 1,00,000 @ 10% p.a. interest to the partnership firm before he became the partner. Now the accountant of the firm is emphasising that the interest on loan should be paid @ 6% p.a. Is he right in doing so? Give reason in support of your answer.

1.84K 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 Divisible Profit?

1.14K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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