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Class 12 · Accountancy
→The deed requires fixed capital. If extra capital is brought, which account is more appropriate for recording it?
Class 12 · Accountancy
→If the partnership agreement is oral, what is the major difficulty in case of accounting disputes?
Class 12 · Accountancy
→Why is the profit sharing ratio important in a partnership deed?
Class 12 · Accountancy
→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
→If the deed is silent, what is the rule for interest on drawings made by partners?
Class 12 · Accountancy
→If the deed is silent, what is the rule for interest on capital contributed by partners?
Class 12 · Accountancy
→Which of the following is generally not included in a partnership deed?
Class 12 · Accountancy
→What is the most appropriate meaning of a partnership deed?
Class 12 · Accountancy
→The deed does not specify the rate of interest on partner loan. What is the rate under the general rule?
Class 12 · Accountancy
→The deed does not mention partner salary. One partner still worked full time. How will salary be treated?
Class 12 · Accountancy
→If the deed clearly provides interest on drawings, how will it be treated in accounts?
Class 12 · Accountancy
→The partnership deed provides interest on capital but profit is insufficient. When will the interest be allowed?
Class 12 · Accountancy
→If the partnership deed is silent about the profit sharing ratio, on what basis will profits be shared?
Class 12 · Accountancy
→The partnership deed contains a clause that no oral agreement shall be valid unless amended in writing. What is the primary accounting effect of this provision?
Class 12 · Accountancy
→The deed states the firm will not pay partners' personal income tax. The firm paid B's personal income tax. Which account should be debited?
Class 12 · Accountancy
→If the deed says partner salary is payable only when profit is available and profit is less than salary what is the general treatment?
Class 12 · Accountancy
→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
→The deed requires signatures of both A and B to open a branch. Only A incurred branch expense. What question arises about the expense?
Class 12 · Accountancy
→The deed prohibits partners from disclosing trade secrets. What accounting effect can arise from loss caused by breach?
Class 12 · Accountancy
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