Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Name the section of the Indian Partnership Act, 1932 that states a firm is dissolved on the death of a partner Unless otherwise agreed by the partners 1.16K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Name the Section of the Indian Partnership Act 1932 that allows the retirement of a partner either with the consent of all existing partners or in accordance with an agreement among the partners. 1.13K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Partner’s Current Accounts are opened when their Capital Accounts are 1.27K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans Interest on Capital Accounts of partners under the Fluctuating Capital Account Method is credited to 1.21K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Commission of 20% on net Profit after charging such commission is calculated as 2.50K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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: 4.62K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans Which one of the following items is not transferred in the Profit and Loss Appropriation Account? 1.93K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans When Guarantee is given to a partner by the other partners, loss on such guarantee will be borne by 1.24K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans When the interest on capital is allowed to partners, Interest on Capital Account is debited and Partner’s Capital Account is credited . It is called 1.34K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Under Fixed Capital Method: 1.40K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans 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. 4.10K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans Pick the odd one out from the following 2.35K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans X and Y started business on 1st July, 2022. Calculate the Interest on Drawings of Y @ 10% p.a. for the year ended 31st March, 2023, if he withdrew ₹ 36,000 per quarter. 3.92K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Net Profit of the firm with A, B and C as partners sharing profits equally had been ₹ 5,00,000. Their capitals had balances of ₹ 2,00,000 each and current accounts had balances of ₹ 50,000 (cr.), ₹ 40,000 (Cr.) and ₹ 30,000 (Dr.) respectively. The Partnership Deed allowed/charged interest on capitals and current account balances @ 10% p.a. 1.76K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans Alia, Karan and Shilpa are partners in a firm. They withdraw ₹ 20,000 per month as follows: 1.94K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 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. 1.48K 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. 4.37K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans What is meant by ‘Past Adjustments’ in reference to Partnership Accounts? 1.29K 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? 1.33K 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. 1.20K 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. 2.08K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 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. 3.69K 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. 3.59K 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? 2.25K 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. 1.08K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th « Previous 1 2 … 169 170 171 172 173 174 Next » Question and answer is powered by anspress.net
