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Class 12 · Accountancy · Easy
→A and B share profits in the ratio 5:2. After adjustments, the remaining profit is Rs 70,000. What is A’s share?
Class 12 · Accountancy · Easy
→Under the fixed capital method, drawings of a partner are debited to which account?
Class 12 · Accountancy · Easy
→In an adjustment entry, if something is payable to a partner, what will generally happen to his account?
Class 12 · Accountancy · Medium
→If interest on drawings is credited in the Profit and Loss Appropriation Account, how does it affect the remaining profit?
Class 12 · Accountancy · Easy
→If deed is silent and partners' capitals are unequal, on what basis will remaining profit be shared?
Class 12 · Accountancy · Easy
→If A’s current account has an opening credit of Rs 4,000, salary of Rs 8,000 and drawings of Rs 15,000, what is the closing balance?
Class 12 · Accountancy · Medium
→If interest on a partner’s loan of Rs 7,500 has not been deducted from net profit, what will be done before appropriation?
Class 12 · Accountancy · Easy
→B bought a computer costing Rs 18,000 for the firm using a personal card. What will happen in B’s account?
Class 12 · Accountancy · Easy
→Net profit is Rs 85,000. Partner salary is Rs 15,000 and general reserve is Rs 10,000. What will be the remaining profit?
Class 12 · Accountancy · Medium
→If the deed provides interest on capital but profit is not sufficient in the year, what is the general adjustment limit?
Class 12 · Accountancy · Easy
→B withdrew Rs 18,000 at the end of the year. What will generally be the interest on drawings for the same year?
Class 12 · Accountancy · Medium
→A partner’s capital is Rs 120,000 and interest on capital is 8%. What will be the adjustment amount?
Class 12 · Accountancy · Easy
→If total profit does not change and only the partners’ shares change, what can this be called?
Class 12 · Accountancy · Easy
→If A and B should receive Rs 12,000 and Rs 8,000 respectively but both received Rs 10,000, what is the final adjustment?
Class 12 · Accountancy · Easy
→If a partner’s drawings were recorded at a lower amount, what will be the correction in his account?
Class 12 · Accountancy · Easy
→If charging interest on drawings was omitted, which account will be debited?
Class 12 · Accountancy · Easy
→Which amounts should be written first in an adjustment table?
Class 12 · Accountancy · Easy
→If profit was overstated and the correction decreases profit, what happens in the partners’ accounts?
Class 12 · Accountancy · Easy
→If profit was understated and the correction increases profit, what happens in the partners’ accounts?
Class 12 · Accountancy · Easy
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