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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 246 Questions

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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.

4.06K 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?

3.15K 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.

3.38K 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 the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method.

4.61K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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:

3.84K 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.

3.09K 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:

4.30K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give one reason why partners are charged interest on drawings.

3.27K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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?

3.12K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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.

4.53K 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.

3.37K 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.

4.04K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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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.

3.47K 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.

3.51K 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?

3.33K 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.

5.16K 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?

3.29K 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.

3.71K 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?

3.54K 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?

3.71K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

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

3.37K 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

3.21K 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.

3.07K 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.

4.17K 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.

3.15K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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