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Class 12 · Accountancy · Hard
→A and B maintain fixed capitals. At year end A's current account shows a debit balance. What does it generally mean?
Class 12 · Accountancy · Hard
→A and B share profits in the ratio 2:1. A's salary of ₹18000 was wrongly debited to expense and also debited in appropriation. Accounts are closed. What is the correction?
Class 12 · Accountancy · Hard
→The deed states that A will get managerial commission at 10% of profit and it is to be given before profit distribution. In which account will it appear?
Class 12 · Accountancy · Hard
→A withdrew ₹10000 on 1 July and ₹20000 on 1 January. The year ends on 31 March. Rate of interest is 12%. What is interest by product method?
Class 12 · Accountancy · Medium
→If the dates of a partner’s drawings are given, which method is most appropriate for calculating interest on drawings?
Class 12 · Accountancy · Hard
→Profit is ₹90000. A gets salary ₹15000 and B gets commission at 10% on remaining profit. A and B share the balance equally. What is B's total share?
Class 12 · Accountancy · Hard
→A B and C share profits in the ratio 3:2:1. A's salary of ₹24000 was omitted. Profit was already distributed in ratio. Which partner will have the highest debit effect?
Class 12 · Accountancy · Hard
→A has guaranteed B that B’s share of profit will not be less than ₹50,000. A and B share profits in the ratio 4:1. The total profit for the year is ₹1,60,000. What adjustment will be made due to the guarantee?
Class 12 · Accountancy · Medium
→The deed states that interest on capital is payable irrespective of profit or loss. There is a loss of ₹10,000 and interest on capital is ₹30,000. What total debit will be shared among the partners?
Class 12 · Accountancy · Hard
→A and B shared profit of ₹40000 equally. Later it was found that interest on B's drawings of ₹20000 at 10% for six months was not charged. What is the correction?
Class 12 · Accountancy · Medium
→Profit is ₹1,20,000. A and B share profits in the ratio 1:2. A receives a salary of ₹30,000 and B receives interest on capital of ₹15,000. What is B’s share of the remaining profit?
Class 12 · Accountancy · Hard
→A and B share profits in the ratio 3:2. A withdrew ₹6000 with interest ₹600. B withdrew ₹9000 with interest ₹900. What total credit will appear in the appropriation account?
Class 12 · Accountancy · Hard
→A B and C share profits in the ratio 2:2:1. C is guaranteed ₹18000 by all partners in profit ratio. Profit is ₹60000. What is A's final share?
Class 12 · Accountancy · Hard
→Which item is shown in the Profit and Loss Account and not in the Profit and Loss Appropriation Account?
Class 12 · Accountancy · Hard
→A and B are equal partners. Interest on A's drawings of ₹5000 was wrongly debited as an expense. What is the correct treatment?
Class 12 · Accountancy · Hard
→The firm paid ₹12,000 for partner A’s personal expense in cash but recorded it as a business expense. What effect will the rectifying entry have on A’s account?
Class 12 · Accountancy · Hard
→A and B share profits in the ratio 3:2. A's salary ₹20000 and B's commission ₹10000 were omitted. Profit of ₹50000 was already distributed in ratio. What is the net correction?
Class 12 · Accountancy · Hard
→B withdrew capital of ₹40000 on 1 January. The year is from 1 April to 31 March. Interest on capital is 10%. By how much will interest reduce due to this withdrawal?
Class 12 · Accountancy · Hard
→A introduced additional capital of ₹50000 after six months. Original capital was ₹200000 and interest on capital is 12% per annum. What total interest will A get?
Class 12 · Accountancy · Hard
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