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Class 12 · Accountancy
→If interest on a retiring partner's loan is due but not yet paid, what is the correct journal effect?
Class 12 · Accountancy
→Amount due to a retiring partner is ₹210000. The firm settled ₹50000 by cash and ₹40000 by giving a vehicle, and the rest remained as loan. What amount will go to loan account?
Class 12 · Accountancy
→What will be the effect on Profit and Loss Account when interest is added to the retiring partner's loan account?
Class 12 · Accountancy
→Kavita's loan was ₹160000. ₹40000 was paid at the beginning of the year and the remaining balance was paid at year end. At six percent per annum, what is the interest for the year?
Class 12 · Accountancy
→If the agreement rate for interest on retiring partner's loan is eight percent but the accountant applied six percent, what type of error occurred?
Class 12 · Accountancy
→A firm wrongly credited ₹50000 payment in the retiring partner's loan account. What type of rectification entry is needed?
Class 12 · Accountancy
→What is the accounting basis for treating a partner as a creditor after retirement?
Class 12 · Accountancy
→₹132000 is payable to the executor of a deceased partner. ₹72000 is paid after six months and the balance remains outstanding till year end. At six percent per annum, what is the total interest?
Class 12 · Accountancy
→Which classification is most appropriate when showing the credit balance of a retiring partner's loan account in the balance sheet?
Class 12 · Accountancy
→Raghav was due ₹250000. As per agreement ₹100000 is paid immediately and the balance is payable in two equal annual instalments, with interest at six percent per annum on outstanding balance. What is the interest before the first year-end instalment?
Class 12 · Accountancy
→If interest on a retiring partner's loan is wrongly debited to Profit and Loss Appropriation Account instead of Profit and Loss Account, what is the main error?
Class 12 · Accountancy
→Neeraj's loan account had a credit balance of ₹90000. After three months ₹30000 was paid and interest on the balance is six percent per annum till year end. What is the total interest?
Class 12 · Accountancy
→In which situation will the retiring partner's capital account be debited while the retiring partner's loan account is credited?
Class 12 · Accountancy
→Avinash was due ₹180000 on retirement, ₹60000 was paid immediately and interest on the balance is due for six months at six percent per annum. What is the total amount payable just before payment?
Class 12 · Accountancy
→If a debit balance remains in retiring partner loan account what is the general meaning?
Class 12 · Accountancy
→What does zero balance of retiring partner loan account show?
Class 12 · Accountancy
→If interest ₹4800 is credited to loan account and full interest is paid by bank on the same day what is the effect on principal loan?
Class 12 · Accountancy
→In a ₹90000 loan ₹20000 principal is paid after 7 months. On what amount will interest be charged for next 5 months?
Class 12 · Accountancy
→Loan is ₹90000 at 6 percent per annum. ₹20000 is paid after 7 months. What is interest for first 7 months?
Class 12 · Accountancy
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