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Class 12 · Accountancy
→If partners maintain fixed capitals and additional capital is introduced which account will record it?
Class 12 · Accountancy
→A B and C maintain fixed capitals. C's current account had an opening debit balance of ₹5000. During the year C's profit share is ₹22000 and drawings are ₹30000. What is the closing current account balance?
Class 12 · Accountancy
→A and B share profits in the ratio 3:1. A receives commission at 15% of total profit and then receives a share of the balance in the profit ratio. Total profit is ₹1,20,000. What is A’s total share?
Class 12 · Accountancy
→Partner A is to receive commission at 5% of profit after charging such commission. Profit before commission is ₹84000. What is the commission?
Class 12 · Accountancy
→A and B share profits in the ratio 2:1. B gets commission at 10% of net profit. Profit before commission is ₹90000. Commission is on net profit and not on profit after commission. What is B's commission?
Class 12 · Accountancy
→Net profit in the Profit and Loss Appropriation Account is ₹180000. Interest on drawings is ₹6000. Interest on capital is ₹30000 and salary is ₹24000. What is the distributable residual profit?
Class 12 · Accountancy
→A and B share profits in the ratio 3:2. Salary of ₹25000 payable to B was wrongly credited to A. Accounts are closed. What is the correction?
Class 12 · Accountancy
→A and B are equal partners. Interest on A's drawings of ₹3000 was to be charged but it was debited to B's account. Accounts are closed. What is the correction?
Class 12 · Accountancy
→Interest on capital due to A and B is ₹24000 and ₹16000 respectively. Available profit is only ₹30000 and there are no other appropriations. How much interest will be allowed to B?
Class 12 · Accountancy
→Profit is ₹50000. Interest on capital is ₹32000 and partner salary is ₹28000. The deed gives no priority. How will total claims be reduced?
Class 12 · Accountancy
→Under fluctuating capital method A has drawings of ₹30000 and interest on drawings of ₹2400. What is the effect on A's capital account?
Class 12 · Accountancy
→Under fixed capital method B is entitled to interest on capital ₹12000 and salary ₹18000. Which account will be credited?
Class 12 · Accountancy
→If interest on partner's loan is wrongly debited to the Profit and Loss Appropriation Account what is the correct correction?
Class 12 · Accountancy
→Partner A gave a loan of ₹90000 to the firm on 1 July. The deed has no interest rate and the year ends on 31 March. What is the interest?
Class 12 · Accountancy
→If the deed mentions profit sharing but is silent about interest on drawings what will be the treatment of interest on drawings?
Class 12 · Accountancy
→A B and C share profits in the ratio 2:2:1. B is guaranteed a minimum of ₹30000 by A and C equally. Profit is ₹60000. What is C's final share?
Class 12 · Accountancy
→A B and C share profits in the ratio 2:2:1. B is guaranteed a minimum of ₹30000 by A and C equally. Profit is ₹100000. What is C's final share?
Class 12 · Accountancy
→A B and C share profits in the ratio 4:3:2. C is guaranteed a minimum of ₹36000 by A alone. Total profit is ₹135000. What is A's final share?
Class 12 · Accountancy
→A and B share profits in the ratio 2:3. A's capital is ₹100000 and B's capital is ₹200000. Interest on capital at 10% was omitted and profit was already distributed. In whose favour will the net adjustment be?
Class 12 · Accountancy
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