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Class 12 · Accountancy
→What is the accounting effect when the firm pays the amount due in a retiring partner’s loan account through the bank?
Class 12 · Accountancy
→In the journal entry for interest due on a retiring partner’s loan, which account is debited?
Class 12 · Accountancy
→In the entry converting final amount due to retiring partner into loan which account is debited?
Class 12 · Accountancy
→At expert level what situation does retiring partner loan account represent?
Class 12 · Accountancy
→Which is the most accurate analytical conclusion related to a retiring partner's loan account?
Class 12 · Accountancy
→Which option shows the correct sequence for a retiring partner's loan account?
Class 12 · Accountancy
→Interest due on retiring partner's loan was divided among remaining partners' capital accounts in old ratio. Why is this wrong?
Class 12 · Accountancy
→If only principal payment is recorded in the loan account but interest payment appears separately in bank, what should be checked in reconciliation?
Class 12 · Accountancy
→₹320000 was due. ₹100000 was paid immediately and seven percent interest was added on the balance for the first year. What will be year-end balance if no further payment was made?
Class 12 · Accountancy
→What is the effect on balance sheet if retiring partner's loan liability is understated?
Class 12 · Accountancy
→A ₹100000 loan has a payment of ₹40000 at mid-year. If interest is six percent, what is the correct basis of calculation?
Class 12 · Accountancy
→Interest of ₹7000 was wrongly debited to loan account though the correct entry was credit. By how much will the loan balance be understated?
Class 12 · Accountancy
→If part of the amount due to a retiring partner is settled by giving goods, what precaution is needed in the loan account?
Class 12 · Accountancy
→Interest is charged on ₹90000 for seven months at six percent and then on remaining ₹50000 for five months. What is total interest?
Class 12 · Accountancy
→Which check is most important before closing a retiring partner's loan account?
Class 12 · Accountancy
→The firm recorded ₹8000 interest on ₹160000 loan for eight months. What was the actual annual rate?
Class 12 · Accountancy
→If interest is credited to the loan account but bank payment is also wrongly credited, what will be the effect on balance?
Class 12 · Accountancy
→What will be the difference between simple interest and annual compound interest on a loan of ₹1,20,000 at 6% per annum after 2 years?
Class 12 · Accountancy
→Interest due was added to a retiring partner's loan account and only the interest was paid through bank. What is the effect on principal?
Class 12 · Accountancy
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