Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 804 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(241)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans 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. 1.58K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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. 4.57K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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. 3.88K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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. 3.74K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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? 2.35K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans What is meant by ‘Past Adjustments’ in reference to Partnership Accounts? 1.37K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 1.15K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 1.67K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him? 1.39K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State the meaning of Guarantee of minimum profit. 1.30K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method. 2.18K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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: 1.46K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12thMatching Type MCQs 0 Votes 1 Ans Give the adjusting and Closing entry for recording interest on drawins charged from the partners when the firm follows the fixed capital method. 1.26K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when: 1.51K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give one reason why partners are charged interest on drawings. 1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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? 1.28K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 1.82K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 1.31K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State one difference between Partner’s Loan Account and Partner’s Capital Account. 1.91K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 1.22K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State giving reasons to which account interest on loan by partner is debited and credited if partner’s capitals are fixed. 1.17K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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? 1.43K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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. 2.20K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans 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? 1.22K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans What is Interest on Capital? Give one reason why it is allowed to partners. 1.42K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th « Previous 1 2 … 39 40 41 42 43 Next » Question and answer is powered by anspress.net
