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Class 12 · Accountancy · Hard
→If the deed prohibits opening a new branch without consent of all partners how will a dispute about branch expenses be settled?
Class 12 · Accountancy · Hard
→The deed prohibits partners from making personal purchases in the firms name. What is the main control objective?
Class 12 · Accountancy · Hard
→The deed says deceased partners profit share will be calculated on previous years profit. Why may this be needed?
Class 12 · Accountancy · Hard
→The deed provides arbitration for disputes among partners. What is its accounting related benefit?
Class 12 · Accountancy · Hard
→If the deed says interest on partners loan is payable only when profit is available what is its nature?
Class 12 · Accountancy · Hard
→The deed requires a partner to pay interest for delayed capital contribution. For whom is this interest a gain?
Class 12 · Accountancy · Medium
→The deed says partners must not take personal expenses from the firm. Still A paid personal rent from firm money. How will it be treated?
Class 12 · Accountancy · Hard
→If the deed gives different salary rates to partners how will they be distributed in the Profit and Loss Appropriation Account?
Class 12 · Accountancy · Hard
→The deed says drawings are equal and made at the beginning of each month. Total annual drawings are seventy two thousand rupees and interest rate is ten percent. What is the interest?
Class 12 · Accountancy · Hard
→The deed says drawings are equal and made at the end of each month. Total annual drawings are seventy two thousand rupees and interest rate is ten percent. What is the interest?
Class 12 · Accountancy · Hard
→The deed requires capitals in the ratio three to two. A capital is sixty thousand and B capital is fifty thousand. What does this indicate for adjustment?
Class 12 · Accountancy · Hard
→If the deed says a retiring partner will be paid in instalments how can the unpaid balance be shown?
Class 12 · Accountancy · Hard
→The deed states the method of returning partners capital. What is the biggest benefit at dissolution?
Class 12 · Accountancy · Hard
→If the deed says a new partner shares only profits and not losses from whom will loss be recovered?
Class 12 · Accountancy · Hard
→The deed says interest on capital will be allowed first and salary later. Profit is sufficient only for interest. What happens to salary?
Class 12 · Accountancy · Hard
→Why is it useful to write the order of appropriation items in the partnership deed?
Class 12 · Accountancy · Hard
→The deed treats insurance claim received as capital profit. Where may this amount be transferred?
Class 12 · Accountancy · Hard
→The deed says partners need written permission before taking loans. What problem can an unauthorized loan create?
Class 12 · Accountancy · Hard
→If the deed requires goodwill to be brought in cash on admission but the new partner does not bring cash what is the usual adjustment in old books?
Class 12 · Accountancy · Hard
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