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Class 12 · Accountancy · Easy
→What effect does a firm's good reputation have on its goodwill?
Class 12 · Accountancy · Easy
→How is goodwill classified as an asset in accounting?
Class 12 · Accountancy · Easy
→What is the basic meaning of goodwill in partnership?
Class 12 · Accountancy · Expert
→A and B share profits equally. B's salary (₹40000) was debited twice. What will be the effect on A's share after correction?
Class 12 · Accountancy · Expert
→A and B share profits in (4:1). Interest on drawings (₹10000) was charged to A but not added to profit. What is the net effect on A in rectification?
Class 12 · Accountancy · Expert
→A and B share profits in (3:2). B gave loan (₹50000) to the firm but it was wrongly treated as B's capital and (10%) interest on capital was allowed. The deed is silent. What is the correct interest difference?
Class 12 · Accountancy · Expert
→A and B share profits in (2:1). Interest on capital (₹30000) was omitted. A's claim is (₹12000) and B's claim is (₹18000). What will happen in rectification?
Class 12 · Accountancy · Expert
→If an exam question says commission is on net profit and another adjustment is to be allowed first what is the usual caution?
Class 12 · Accountancy · Expert
→A is to get salary (₹20000) and (10%) commission on profit before commission. Profit is (₹150000). If salary is deducted first what is the commission?
Class 12 · Accountancy · Expert
→A and B share profits in the ratio 5:3. The total profit before appropriation is ₹1,10,000. According to the partnership agreement, B is to receive a salary of ₹30,000 before the remaining profit is shared. What will be A’s share of profit?
Class 12 · Accountancy · Expert
→A and B share profits in (1:2). B is guaranteed (₹60000). Profit is (₹120000). Will there be any guarantee adjustment?
Class 12 · Accountancy · Medium
→A and B share profits in the ratio 3:2. Profit of ₹1,25,000 included unrealised income of ₹25,000. By how much will A’s profit share decrease after correction?
Class 12 · Accountancy · Expert
→Partners shared profit (₹90000) equally. Later it was found that the correct ratio was (4:3:2). What is the effect on the third partner?
Class 12 · Accountancy · Expert
→A and B share profits in (3:1). Interest on A's drawings was (₹16000), but it was wrongly charged to both in profit ratio as (₹12000) and (₹4000). What will happen in rectification?
Class 12 · Accountancy · Medium
→A and B share profits in the ratio 2:1. Correct interest on capital was ₹18,000 and ₹12,000, but it was wrongly allowed as ₹20,000 and ₹10,000. What will happen in rectification?
Class 12 · Accountancy · Expert
→A gave a loan of (₹80000) on 1 April. On 1 October (₹20000) was repaid. The deed is silent. What is loan interest for the year?
Class 12 · Accountancy · Expert
→If the deed says interest on capital is payable even in the absence of profit what will be its accounting nature?
Class 12 · Accountancy · Expert
→A and B share profits in (4:1). B's final total profit is (₹38000), including salary (₹10000). What was the total residual profit?
Class 12 · Accountancy · Expert
→The credit side of the Profit and Loss Appropriation Account shows profit of ₹1,30,000 and interest on drawings of ₹7,000. The debit side shows interest on capital of ₹36,000, salary of ₹24,000 and commission of ₹10,000. What amount of profit will be distributable among the partners?
Class 12 · Accountancy · Expert
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