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Class 12 · Accountancy · Medium
→What is the normal balance of a reserve account?
Class 12 · Accountancy · Medium
→What is the main reason for distributing reserve in old ratio?
Class 12 · Accountancy · Medium
→At the time of admission of a partner, what is the effect of adjusting accumulated losses on the old partners’ capital?
Class 12 · Accountancy · Medium
→What is the direct effect of adjustment of accumulated profits on new partner capital?
Class 12 · Accountancy · Medium
→What type of item is debit balance of Profit and Loss Account?
Class 12 · Accountancy · Medium
→What type of item is credit balance of Profit and Loss Account?
Class 12 · Accountancy · Medium
→If a related claim is given with a special reserve what is done first?
Class 12 · Accountancy · Medium
→The Contingency Reserve amounts to ₹25,000, whereas the actual liability is ₹31,000. What will be the additional loss in this situation?
Class 12 · Accountancy · Medium
→A partnership firm has a Contingency Reserve of ₹58,000, against which an expected liability of ₹18,000 exists. On admission, what balance amount will be distributed among the old partners?
Class 12 · Accountancy · Medium
→Insurance Reserve is ₹22000. If there is no related claim what is its treatment on admission?
Class 12 · Accountancy · Medium
→General Reserve is ₹56000 and old partners share 5:2. If it is wrongly shared equally who will lose?
Class 12 · Accountancy · Medium
→Three old partners share profits in the ratio 6:2:1, and the General Reserve is ₹81000. How much will be credited to the account of the third old partner when the reserve is distributed?
Class 12 · Accountancy · Medium
→Under fluctuating capital method where is accumulated loss debited?
Class 12 · Accountancy · Medium
→Under fixed capital method General Reserve profit may be credited to which account?
Class 12 · Accountancy · Medium
→A, B and C share the debit balance of ₹54,000 in the Profit and Loss Account in the ratio 4:2:3. What amount will be debited to B’s account?
Class 12 · Accountancy · Medium
→A and B share profits and losses in the ratio of 3:1. The General Reserve is ₹28,000 and Preliminary Expenses are ₹12,000. What will be the net credit to A’s account after adjusting these items?
Class 12 · Accountancy · Medium
→A and B share profits and losses in the ratio of 2:3. The firm has a reserve of ₹45,000 and a debit balance of ₹15,000 in the Profit and Loss Account. What will be the net effect of these items at the time of reconstitution?
Class 12 · Accountancy · Medium
→A and B share profits in the ratio 7:5. The General Reserve is ₹48,000 and the Profit and Loss Account has a credit balance of ₹24,000. On the admission of a new partner, what total amount will be credited to A’s account?
Class 12 · Accountancy · Medium
→If reserve is not distributed what unfair benefit may the new partner get?
Class 12 · Accountancy · Medium
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