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Class 12 · Accountancy
→The deed says that on death of a partner goodwill will be twice the average profit of three years. For what is this information needed?
Class 12 · Accountancy
→If the deed states that the firm will exist only for a specific project, what is indicated when the project is completed?
Class 12 · Accountancy
→The deed states that interest on partners capital will be treated as an expense before profit. What will be the effect?
Class 12 · Accountancy
→If the deed provides both salary and commission but net profit is low, what should be checked first?
Class 12 · Accountancy
→The partnership deed states that A will get interest on capital but B will not. Is this arrangement valid?
Class 12 · Accountancy
→If the partnership deed stipulates that accounts must be audited at the year end, what will be the nature of the audit fee?
Class 12 · Accountancy
→The deed gives equal right to inspect books to partners. What is the main purpose?
Class 12 · Accountancy
→If the deed says a partner cannot sell his share to an outsider, what does it relate to?
Class 12 · Accountancy
→The deed says partner A will handle only purchase department and B will handle sales department. This relates to which clause?
Class 12 · Accountancy
→If the deed says B cannot take a loan from the firm without permission, what type of provision is this?
Class 12 · Accountancy
→Writing the firms objective clearly in the partnership deed mainly helps in what?
Class 12 · Accountancy
→If the deed charges twelve percent interest on drawings and A withdrew Rs 20000 in the middle of the year, what will be the interest?
Class 12 · Accountancy
→The deed says profit will be distributed only after creating general reserve. Which principle does this show?
Class 12 · Accountancy
→If A has guaranteed B in the deed and Bs deficiency is Rs 7000, from whose share will this deficiency be deducted?
Class 12 · Accountancy
→The deed guarantees A a minimum profit of Rs 50000. Actual share is Rs 44000. What is the deficiency?
Class 12 · Accountancy
→If the deed states that goodwill on admission is valued on two years average profit, this is an example of which clause?
Class 12 · Accountancy
→The deed follows fixed capital method and B paid a personal expense through the firm. In which account will this amount usually be recorded?
Class 12 · Accountancy
→If the deed requires partners capital accounts to be maintained under fluctuating capital method, where will profit share be credited?
Class 12 · Accountancy
→The partnership deed requires signatures of two partners to sell firm assets. This provision relates to which type of control?
Class 12 · Accountancy
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