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Class 12 · Accountancy · Hard
→At the time of a partner’s admission, what is the main accounting error in adjusting accumulated loss by including the new partner?
Class 12 · Accountancy · Hard
→Why is it wrong to distribute accumulated profit in the new profit sharing ratio?
Class 12 · Accountancy · Hard
→A firm's Contingency Reserve amounts to ₹96,000. A fixed liability of ₹56,000 is to be paid out of this reserve. The remaining reserve will be distributed among the old partners in the ratio of 6:4. What amount will the first partner receive?
Class 12 · Accountancy · Hard
→The Dividend Equalisation Reserve is ₹76,000 and the debit balance of the Profit and Loss Account is ₹28,000. A and B share profits in the old ratio of 3:5. What will be the net effect on B’s Capital Account at the time of reconstitution?
Class 12 · Accountancy · Hard
→A partnership firm has a Reserve Fund of ₹81,000 and a Capital Reserve of ₹45,000. On the admission of a new partner, these amounts are to be distributed between the old partners, A and B, in their old profit-sharing ratio of 4:5. What total amount will be credited to A’s Capital Account?
Class 12 · Accountancy · Hard
→Profit and Loss debit balance ₹56000 was left in the new balance sheet. What should have been the correct correction?
Class 12 · Accountancy · Hard
→General Reserve ₹99000 from old balance sheet is shown in new balance sheet without adjustment. If there is no special instruction what was the correct treatment?
Class 12 · Accountancy · Hard
→A firm has an Investment Fluctuation Reserve of ₹72,000, while the value of its investments has fallen by ₹27,000. After adjusting this fall, the remaining amount is distributed between the old partners in the ratio 5:4. How much will the second partner receive?
Class 12 · Accountancy · Hard
→At the time of admission of a new partner, a firm’s Investment Fluctuation Reserve is ₹48,000 and the fall in the value of investments is also ₹48,000. What will be the final accounting result?
Class 12 · Accountancy · Hard
→Workmen Compensation Reserve is ₹54000 and claim is also ₹54000. What amount is distributable among old partners?
Class 12 · Accountancy · Hard
→Reserve Fund is ₹154000. Old partners share in 3:4:7. The third partner's share was wrongly recorded as ₹70000. Which statement is correct?
Class 12 · Accountancy · Hard
→Accumulated profit is ₹64,000 and accumulated loss is ₹100,000. In the old ratio of 7:5, what is the net effect on the second partner?
Class 12 · Accountancy · Hard
→Old ratio is 11:9. Reserve Fund is ₹120,000 and Profit and Loss debit balance is ₹50,000. What is the net effect for the first partner?
Class 12 · Accountancy · Hard
→A, B and C share old profits in the ratio 5:4:3. The Profit and Loss Account has a credit balance of ₹1,44,000, while Preliminary Expenses amount to ₹36,000. What amount will be credited net to B’s account?
Class 12 · Accountancy · Hard
→If old partners are credited while closing debit balance of Profit and Loss Account what opposite effect will occur?
Class 12 · Accountancy · Hard
→If old partners capital accounts are debited while closing General Reserve what error will occur?
Class 12 · Accountancy · Hard
→An old balance sheet shows Reserve Fund of ₹1,60,000 and Reserve Fund Investment of ₹1,60,000. What is the correct treatment on admission of a partner?
Class 12 · Accountancy · Hard
→A firm's Contingency Reserve is ₹46,000, whereas the actual liability is found to be ₹58,000. At the time of admission of a new partner, what is the correct accounting treatment of this excess liability?
Class 12 · Accountancy · Hard
→A firm's Contingency Reserve is ₹1,05,000, and the related estimated liability is ₹65,000. If the remaining reserve is distributed in the old partnership ratio of 3:5, what will be the first partner's share?
Class 12 · Accountancy · Hard
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