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RELATED QUESTIONS

Partner S Loan Account

Class 12 Accountancy के इस tag से जुड़े questions। हर question के साथ chapter, topic, level और difficulty दी गई है।

AccountancyThe firm made final payment of loan ₹85000 and interest ₹5100 to a retiring partner. In the correct payment entry, by what amount will the loan account be debited?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhen interest is credited to the retiring partner's loan account, which account should have the corresponding debit?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyAnand was due ₹300000. ₹100000 was paid immediately and the balance carries ten percent annual interest. After six months ₹50000 instalment was paid. What is interest for first six months?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyIn which case will a retiring partner's loan account be prepared but interest will not be added?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyIf the closing balance of a retiring partner's loan account is debit, what is the most probable reason?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyOn a ₹96000 loan, no payment was made for first four months, then ₹36000 was paid. The balance remained outstanding for next eight months. At six percent, what is total interest?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhich item in a retiring partner's loan account does not directly affect Profit and Loss Account?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhich statement gives the correct accounting principle about a retiring partner's loan account?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyA loan account has opening credit ₹70000, interest ₹4200 and bank payment ₹30000. What will be the closing credit balance?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyIf interest on a retiring partner's loan is due but not yet paid, what is the correct journal effect?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyAmount due to a retiring partner is ₹210000. The firm settled ₹50000 by cash and ₹40000 by giving a vehicle, and the rest remained as loan. What amount will go to loan account?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhat will be the effect on Profit and Loss Account when interest is added to the retiring partner's loan account?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyKavita's loan was ₹160000. ₹40000 was paid at the beginning of the year and the remaining balance was paid at year end. At six percent per annum, what is the interest for the year?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyIf the agreement rate for interest on retiring partner's loan is eight percent but the accountant applied six percent, what type of error occurred?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyA firm wrongly credited ₹50000 payment in the retiring partner's loan account. What type of rectification entry is needed?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhat is the accounting basis for treating a partner as a creditor after retirement?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard Accountancy₹132000 is payable to the executor of a deceased partner. ₹72000 is paid after six months and the balance remains outstanding till year end. At six percent per annum, what is the total interest?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyWhich classification is most appropriate when showing the credit balance of a retiring partner's loan account in the balance sheet?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyRaghav was due ₹250000. As per agreement ₹100000 is paid immediately and the balance is payable in two equal annual instalments, with interest at six percent per annum on outstanding balance. What is the interest before the first year-end instalment?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard AccountancyIf interest on a retiring partner's loan is wrongly debited to Profit and Loss Appropriation Account instead of Profit and Loss Account, what is the main error?Class 12Reconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard