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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 guaranteed profit to one partner. Who will bear the deficiency if the payer is not specified in the deed?
Class 12 · Accountancy · Hard
→If the deed fixes a maximum drawings limit for partners what is the main accounting purpose?
Class 12 · Accountancy · Hard
→The deed says the firm will not automatically dissolve when a partner becomes insolvent. What type of clause is this?
Class 12 · Accountancy · Hard
→The deed says interest is payable on the amount due to a retiring partner but no rate is given. What rate is generally applied by law?
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
→The deed provides both interest on capital and interest on drawings. How will they affect the Profit and Loss Appropriation Account?
Class 12 · Accountancy · Hard
→If the written deed states profit sharing ratio as one to one but orally partners say three to two which basis is safer for accounts?
Class 12 · Accountancy · Hard
→The deed says no partner will transfer his share without consent. What does this clause protect?
Class 12 · Accountancy · Hard
→The deed states that no partner may carry on a competing business without permission. If a partner does so and earns profit what happens in principle?
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
→Why is it important for the deed to state valuation method on admission retirement and death?
Class 12 · Accountancy · Hard
→The deed requires partners capitals to be maintained in a fixed ratio. If the ratio is disturbed what is the usual adjustment?
Class 12 · Accountancy · Hard
→If the deed does not allow debit balance in partners capital accounts what should be done in case of excess drawings?
Class 12 · Accountancy · Hard
→What should be the primary purpose of an audit clause in a partnership deed?
Class 12 · Accountancy · Hard
→The deed treats insurance premium as a partners personal expense. If the firm pays it what is the correct accounting effect?
Class 12 · Accountancy · Hard
→The deed states that the firm will not pay any partners personal liability. What is the accounting meaning?
Class 12 · Accountancy · Hard
→If the deed fixes the accounting year as April to March for which period will the Profit and Loss Appropriation Account be prepared?
Class 12 · Accountancy · Hard
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