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Class 12 · Accountancy · Hard
→The deed charges ten percent interest on drawings. If sixty thousand rupees is withdrawn at the beginning of the year what will be the interest?
Class 12 · Accountancy · Hard
→The deed charges ten percent interest on drawings. If a partner withdrew sixty thousand rupees only at the end of the year what will be the interest?
Class 12 · Accountancy · Hard
→The deed allows interest on capital but a partner introduced additional capital during the year. On what basis should interest be calculated?
Class 12 · Accountancy · Hard
→If the deed gives profit sharing ratio but not a separate loss sharing ratio in what ratio will losses be shared?
Class 12 · Accountancy · Hard
→The deed gives profit sharing ratio as three to two but one partner remained inactive throughout the year. How will profit be shared?
Class 12 · Accountancy · Hard
→What is the strongest accounting benefit of writing partners rights and duties in the deed?
Class 12 · Accountancy · Hard
→If the deed requires a new partner to bring premium in cash on admission what is the purpose of this clause?
Class 12 · Accountancy · Hard
→Which matter is directly affected by the bank operation clause in a partnership deed?
Class 12 · Accountancy · Hard
→Why is a dispute resolution clause in a partnership deed considered important?
Class 12 · Accountancy · Hard
→If the deed says all partners will take part in management but no extra salary is allowed when can a managing partner salary be given?
Class 12 · Accountancy · Hard
→The deed states that goodwill on admission of a new partner will be credited to sacrificing partners. This clause is mainly based on which principle?
Class 12 · Accountancy · Hard
→The deed states that capitals are fluctuating. Where will interest on capital and drawings be recorded?
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
→The deed provides salary and commission to partners. If the remaining amount becomes negative after these appropriations in what ratio will the final loss be shared?
Class 12 · Accountancy · Hard
→The deed does not mention the rate of interest on a partners loan to the firm. What rate applies according to law?
Class 12 · Accountancy · Hard
→A deed allows a partner ten percent commission on profit before charging commission. Profit before commission is sixty thousand rupees. What is the commission?
Class 12 · Accountancy · Hard
→A deed allows a partner commission of ten percent of net profit. Net profit before commission is fifty thousand rupees. If commission is calculated after charging commission what will be the commission?
Class 12 · Accountancy · Hard
→If the deed has no provision for interest on drawings when will interest be charged on partners drawings?
Class 12 · Accountancy · Hard
→The deed gives the rate of interest on drawings but not the period. For equal monthly drawings what average period is generally taken?
Class 12 · Accountancy · Hard
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