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Class 12 · Accountancy
→Under fluctuating capital method partner's salary is finally credited to which account?
Class 12 · Accountancy
→Under fixed capital method where is interest on drawings recorded?
Class 12 · Accountancy
→A permanently withdrew (₹40000) from capital on 1 January. Interest on capital is (9%) per annum and the year ends on 31 March. What is the effect on interest?
Class 12 · Accountancy
→Partner A introduced additional capital of ₹60,000 on 1 July. The rate of interest on capital is 8% per annum, and the accounting year ends on 31 March. What amount of interest is payable on the additional capital?
Class 12 · Accountancy
→If the deed provides interest on capital but the firm has suffered a loss what will be the treatment of interest on capital?
Class 12 · Accountancy
→A and B share profits in (5:3). A is guaranteed (₹50000). Total profit is (₹72000) and deficiency is to be borne by both partners in profit ratio. What is A's final profit?
Class 12 · Accountancy
→The partnership deed guarantees A a minimum profit of (₹40000). A's actual share is (₹33000) and B will bear the deficiency. Which adjustment is correct?
Class 12 · Accountancy
→A is entitled to a commission of 10% on the net profit after charging the commission. The profit before charging the commission is ₹1,10,000. What is A’s commission?
Class 12 · Accountancy
→A is to receive a commission of 10% of the total profit before profit distribution. If the total profit is ₹88,000, what will be A’s commission?
Class 12 · Accountancy
→If the partnership deed is silent how will profits and losses be shared among partners?
Class 12 · Accountancy
→A and B share profits in the ratio 3:2. Net profit is ₹90,000. B is to receive salary of ₹12,000 and A is to receive commission of ₹6,000. What is the remaining profit for distribution?
Class 12 · Accountancy
→If a partner withdraws an equal amount at the end of every month what is the average period for calculating interest on drawings?
Class 12 · Accountancy
→A partner withdrew (₹3000) at the beginning of every month. The rate is (12%) per annum. What is the interest on drawings for the year?
Class 12 · Accountancy
→If the partnership deed provides interest on drawings but does not state the rate of interest what is the correct decision?
Class 12 · Accountancy
→A introduced capital of (₹80000) and B introduced (₹120000) at the beginning of the year. Interest on capital is (10%) and profit is (₹15000). How much interest will A receive?
Class 12 · Accountancy
→In a partnership firm partners A and B are entitled to interest on capital. At year end the profit is insufficient. What is the correct treatment of interest on capital?
Class 12 · Accountancy
→A and B shared profit equally. Later it was found that A's salary of ₹12000 was due and interest on B's drawings of ₹4000 was to be charged. What is the net correction?
Class 12 · Accountancy
→If interest on drawings is omitted before profit distribution, what is the first direct effect?
Class 12 · Accountancy
→Partner A has interest on capital ₹10000 and interest on drawings ₹1500. Under fluctuating capital method what is the net effect on A's capital account?
Class 12 · Accountancy
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