Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 805 Questions 11 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Comparative and Common Size Statement(27)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Profits for the five years ending 31st March are as follows: Year 2019 – ₹ 4,00,000; Year 2020 – ₹ 3,98,000; Year 2021 – ₹ 4,50,000; Year 2022 – ₹ 4,45,000 and Year 2023 – ₹ 5,00,000. Calculate the goodwill of the firm on the basis of 4 Years’ purchase of 5 years’ average profit. 2.44K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Goodwill is to be valued at three years’ purchase of four years’ average profit. Profits of the firm for the last four years ending 31st March were: 2020 – ₹ 12,000, 2021 – ₹ 18,000; 2022 – ₹ 16,000; 2023 – ₹ 14,000. Calculate the amount of Goodwill 2.27K viewsAnurag Pathak Changed status to publish April 17, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Assertion (A): Rent to a Partner is transferred to the debit of Profit & Loss Account but is not transferred to the debit of Profit and Loss Appropriation Account. 3.16K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Interest on Loan to partner is charged @ 6% p.a., if Partnership Deed does not provide for charging of interest. 2.87K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Avinash, a partner in the firm gave loan of ₹ 5,00,000 to the firm without an agreement as to rate of interest. Interest on Loan by Avinash is to be allowed @ 6% p.a. 3.88K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Commission provided to partner is shown in Profit and Loss Account. 1.45K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Interest charged on drawings is debited to Profit and Loss Appropriation Account. 1.79K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Drawings against capital is transferred to Partner’s Current Account, if capital is fixed. 2.77K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Partnership is a separate and distinct entity from partners from the viewpoint of accounting. 2.37K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Bharat, a partner in the firm gave loan of ₹ 5,00,000 of the firm without an agreement as to rate of interest. At the year end, the remaining partners agreed to allow interest on Loan by Bharat @ 8% p.a. 3.86K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Harshad and Dhiman are in partnership since 1st April 2022. No Partnership agreement was made. They contributed ₹ 4,00,000 and ₹ 1,00,000 respectively as capitals. In addition, Harshad had given a loan of ₹ 1,00,000 to the firm on 1st October 2022. Due to a long illness, Harshad could not participate in business activities from 1st August 2021 to 30th September 2022. Profit for the year ended 31st March 2023 was ₹ 1,80,000. A dispute has arisen between Harshad and Dhiman. 1.42K viewsAnurag Pathak Changed status to publish April 13, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans In The absence of a Partnership Deed, State the provisions of the Partnership Act, 1932 relating to: 1.04K viewsAnurag Pathak Changed status to publish April 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Mahesh, Ramesh, and Suresh are partners in a firm. They do not have a Partnership Deed. At the end of the first year of the Business, they faced the following problems: 1.60K viewsAnurag Pathak Changed status to publish April 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans The following difference has arisen among P, Q, and R. State who is correct in each case: 1.50K viewsAnurag Pathak Changed status to publish April 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Barun, Tarun, and Shivam are partners in a firm and do not have a partnership Deed. Barun introduced further capital of ₹ 5,00,000 on 1st October 2022. Whereas Shivam took a loan of ₹ 50,000 from the firm on 1st October 2022. Disputes have arisen among them on the following: 2.50K viewsAnurag Pathak Changed status to publish April 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest on drawings is charged @ 8% p.a. At the end of the year interest on Green’s drawings amounts to ₹ 2,600. Monthly drawings of Green were 6.32K viewsAnurag Pathak Changed status to publish April 10, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give two items which may appear in the debit side of a Partner’s Current Account. 1.13K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State the two situations under which interest on capital is generally provided. 1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Interest on capital is credited to Partner’s Current Account. Name the method of maintaining a Capital Account. 1.31K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans List item that may be in the debit side of a Partner’s Fixed Capital Account. 1.03K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans In case the Partner’s Capital are fixed, in which account will the withdrawal of capital be recorded? 1.26K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans What is Profit and Loss Appropriation Account 1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Under what Circumstances Average Method of calculating interest on drawings is applied? 1.10K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Amit, a partner in a partnership firm, withdrew ₹ 7,000 at the beginning of each quarter. For how many months would interest on drawings be charged? 2.38K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the beginning of each quarter. 1.26K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th « Previous 1 2 … 35 36 37 38 39 … 41 42 Next » Question and answer is powered by anspress.net
