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Class 12 · Accountancy · Hard
→The deed requires equal capitals but at year end one partner's capital is short. An entry to bring the shortage will affect which account?
Class 12 · Accountancy · Hard
→The partnership deed is silent about reimbursement of partners' expenses. A partner has incurred expenses for authorized firm business. What is the correct principle regarding reimbursement?
Class 12 · Accountancy · Hard
→The deed gives a minimum profit guarantee. If the actual share is more than the guarantee what will the partner receive?
Class 12 · Accountancy · Hard
→The deed gives a monthly salary but the partner joined during the year. How should the correct salary be calculated?
Class 12 · Accountancy · Hard
→If the deed requires consent of all partners before giving personal guarantee what is the main reason?
Class 12 · Accountancy · Hard
→If the partnership deed requires a part of profit to be transferred to reserve when will this entry be made?
Class 12 · Accountancy · Hard
→If the deed requires fixed capitals in which account will appropriations like salary and interest be recorded?
Class 12 · Accountancy · Hard
→If the deed provides partners salary but profit is insufficient where is salary shown?
Class 12 · Accountancy · Medium
→The deed provides both interest on capital and partner salary. On which side of the Profit and Loss Appropriation Account are these shown?
Class 12 · Accountancy · Medium
→The deed states that a partner's personal loan liability will not fall on the firm. What type of clause is this?
Class 12 · Accountancy · Medium
→If the agreement is oral and there is no written proof, what may be the biggest practical problem?
Class 12 · Accountancy · Medium
→The deed allows B a five percent commission on sales. On what basis is this commission given?
Class 12 · Accountancy · Easy
→A is guaranteed a minimum profit of rupees twenty thousand. His actual share of profit is rupees seventeen thousand. What is the deficiency?
Class 12 · Accountancy · Medium
→Which clause clarifies which partner can enter into contracts on behalf of the firm?
Class 12 · Accountancy · Medium
→A deed states that capitals will be fixed. In such a case, where are additional capital and drawings generally recorded?
Class 12 · Accountancy · Medium
→A and B share profits in the ratio 3:2. As per the deed, A is paid a commission of 10% of profit and then the remaining profit is shared. If the profit remaining for distribution after the commission is ₹45,000, what is A's share from the remaining profit?
Class 12 · Accountancy · Medium
→What primary benefit do partners obtain by including the right to inspect the books of accounts in the partnership deed?
Class 12 · Accountancy · Medium
→The deed charges interest on drawings at eight percent. A withdrew rupees ten thousand at the beginning of the year. What is the interest?
Class 12 · Accountancy · Medium
→If the deed separately states rights of working and sleeping partners, what purpose does it serve?
Class 12 · Accountancy · Easy
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