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Class 12 · Accountancy · Expert
→Why is it necessary to record the firm's name and principal office in a partnership deed?
Class 12 · Accountancy · Expert
→The deed clearly says that after interest on capital and salary, remaining profit will be shared. Which account is related to this?
Class 12 · Accountancy · Expert
→If all partners jointly guarantee minimum profit to one partner and no ratio is given, how will deficiency be borne?
Class 12 · Accountancy · Expert
→In the partnership deed A has guaranteed a minimum profit to B. If B's share falls short of the guaranteed amount, from where will the deficiency be met?
Class 12 · Accountancy · Expert
→If the deed guarantees minimum profit of Rs 40000 to A and actual share is Rs 32000, what is the deficiency called?
Class 12 · Accountancy · Expert
→The deed states unequal capitals but equal profit sharing. How should this arrangement be treated?
Class 12 · Accountancy · Expert
→The deed has different capital ratio and profit ratio. Which ratio will apply for profit distribution?
Class 12 · Accountancy · Expert
→If the deed grants a managing partner Rs 5000 monthly salary and five percent commission on profit, what should be checked first?
Class 12 · Accountancy · Expert
→A partner is allowed ten percent commission on profit by the deed. In which account will this commission usually appear?
Class 12 · Accountancy · Expert
→The deed requires creating a reserve before distribution of profit. What is the correct accounting treatment?
Class 12 · Accountancy · Expert
→If the deed limits drawings to Rs 10000 per month and a partner withdraws Rs 16000, what is the main accounting effect?
Class 12 · Accountancy · Expert
→If the deed requires checking of accounts every quarter, which area does this provision cover?
Class 12 · Accountancy · Expert
→The deed says the firm will only trade in books. Partners entered a real estate deal without consent. What is the main accounting concern?
Class 12 · Accountancy · Expert
→The deed states that the firm is for five years. On completion of five years, it resembles dissolution of which kind of partnership?
Class 12 · Accountancy · Expert
→If the deed gives the method to calculate amount payable to heirs of a deceased partner, what is its purpose?
Class 12 · Accountancy · Expert
→The deed states that no new partner will be admitted without consent of all partners. Which principle does it strengthen?
Class 12 · Accountancy · Expert
→Partners wrote in the deed that no partner may run a similar private business without permission. This clause relates to what?
Class 12 · Accountancy · Expert
→If the partnership deed states a method for dispute settlement, what is its main benefit?
Class 12 · Accountancy · Medium
→The deed charges interest on drawings at fifteen percent per annum. A partner withdrew Rs 12,000 at the beginning of the year. What is the interest?
Class 12 · Accountancy · Expert
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