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Class 12 · Accountancy · Medium
→If the deed says commercial decisions need a majority but structural decisions need unanimity, adding a new partner is what type of decision?
Class 12 · Accountancy · Easy
→The deed requires approval of all partners to open a new branch. This relates to which decision?
Class 12 · Accountancy · Medium
→The partners agree in the deed that A will not bear losses. How will this clause be treated in case of loss?
Class 12 · Accountancy · Medium
→The deed says the firm’s bank account will operate only with the joint signatures of A and B. What is the risk if A withdraws alone?
Class 12 · Accountancy · Medium
→If the deed provides both salary and commission but net profit is low, what should be checked first?
Class 12 · Accountancy · Easy
→The deed says partner A will handle only the purchase department and B will handle the sales department. This relates to which clause?
Class 12 · Accountancy · Medium
→If the deed says B cannot take a loan from the firm without permission, what type of provision is this?
Class 12 · Accountancy · Medium
→If the deed gives an interest-on-drawings rate but the withdrawal is made at the end of the year, what will be the interest period?
Class 12 · Accountancy · Medium
→If the deed allows A a twenty percent commission on profit before distributing the remaining profit, what is the nature of this item?
Class 12 · Accountancy · Medium
→If the deed says profit will first be transferred to reserve and then shared among partners, what is the first step?
Class 12 · Accountancy · Medium
→What is the main benefit of writing the method of goodwill valuation in the partnership deed?
Class 12 · Accountancy · Medium
→If the deed treats a partner’s personal expense as drawings, which account will be debited when the firm pays it?
Class 12 · Accountancy · Medium
→The deed charges interest on drawings at fifteen percent per annum. A partner withdrew Rs 12,000 at the beginning of the year. What is the interest?
Class 12 · Accountancy · Medium
→The deed provides a monthly salary of Rs 6,000 to partner A and equal profit sharing. Where will the annual salary appear?
Class 12 · Accountancy · Medium
→A partner gave a loan to the firm and the firm incurred a loss. The deed is silent. What is the correct treatment of interest on the loan?
Class 12 · Accountancy · Medium
→If the deed is silent, what is the rule for interest on drawings made by partners?
Class 12 · Accountancy · Easy
→Which of the following is generally not included in a partnership deed?
Class 12 · Accountancy · Easy
→What is the most appropriate meaning of a partnership deed?
Class 12 · Accountancy · Medium
→The deed says the managing partner's bonus will be treated as an expense before calculating profit. Which account will be debited?
Class 12 · Accountancy · Hard
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