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Class 12 · Accountancy
→Which option gives the correct profit effect of loan interest and principal repayment?
Class 12 · Accountancy
→A loan account has credit items of ₹230000 and debit items of ₹95000. Credit items include interest of ₹12000. What is the closing credit balance?
Class 12 · Accountancy
→Interest due on loan is recorded, but payment is not yet made. Which double effect is correct?
Class 12 · Accountancy
→Out of ₹280000 due, ₹80000 was settled in cash and investments worth ₹50000 were given. A loan account is opened for the balance. What is the loan amount?
Class 12 · Accountancy
→Retirement occurred in the middle of the year and ₹150000 became loan. Seven months are left till year end and interest is six percent per annum. What is the year-end interest?
Class 12 · Accountancy
→Agreement interest on loan is eleven percent, but the accountant applied six percent. On ₹180000 for one year, by how much is liability understated?
Class 12 · Accountancy
→Payment of ₹65000 was wrongly credited to the loan account, whereas it should have been debited. By what amount should the loan account be debited in rectification?
Class 12 · Accountancy
→What is the strongest reason for treating a retiring partner's loan account as a liability account?
Class 12 · Accountancy
→A deceased partner's executor loan account has a balance of ₹148000. After six months ₹48000 is paid and the balance remains outstanding for six months. At eight percent per annum, what is the total interest?
Class 12 · Accountancy
→Karan was due ₹420000. ₹150000 was paid immediately and the balance is payable in three equal annual instalments. What is seven percent interest before the first instalment?
Class 12 · Accountancy
→If interest on loan is wrongly debited to Revaluation Account, what is the main accounting error?
Class 12 · Accountancy
→A loan account has an opening credit of ₹125000. After three months ₹45000 is paid and the balance remains outstanding for nine months. At six percent per annum, what is the total interest?
Class 12 · Accountancy
→The retiring partner's final capital account has a credit balance of ₹185000. ₹75000 was paid through bank immediately and furniture of ₹25000 was given in settlement. How much will be transferred to the loan account?
Class 12 · Accountancy
→Ravi was due ₹270000 on retirement. ₹110000 was paid immediately and interest on the balance is charged for six months at nine percent per annum. What is the total amount payable before payment?
Class 12 · Accountancy
→If interest ₹15000 is credited to loan account and total payment of ₹65000 is made in the same year including interest then by how much will principal reduce?
Class 12 · Accountancy
→What is the most common expert-level mistake in a retiring partner loan account?
Class 12 · Accountancy
→A partner’s Loan Account had an opening credit balance of ₹4,20,000. During the year, ₹1,50,000 was paid. Interest of ₹10,800 is due for 6 months at 8% per annum on the balance remaining after payment. What will be the closing balance of the Loan Account?
Class 12 · Accountancy
→₹320000 was due and ₹100000 was paid immediately. What is 6 percent per annum interest for 5 months on the remaining loan?
Class 12 · Accountancy
→After a partner retires, the amount due to him is transferred to the Partner’s Loan Account. Evaluate the following statement in this context: “The retiring partner’s Loan Account is a liability of the firm, and interest payable on it is a charge against profit.”
Class 12 · Accountancy
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