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Class 12 · Accountancy
→The deed is silent on loan interest rate and the firm has incurred loss. What happens to interest on partner loan?
Class 12 · Accountancy
→If the partnership deed specifies an interest rate on a partner's loan that is higher than six percent, which rate will apply?
Class 12 · Accountancy
→The deed permits partners to take loans from the firm at twelve percent interest. In which account will such loan to partner appear?
Class 12 · Accountancy
→The partnership deed states that accounts will be examined by an external accountant. Which type of risk does this reduce?
Class 12 · Accountancy
→If the deed forbids competing business and a partner earns ten thousand rupees from such business who may get that profit?
Class 12 · Accountancy
→The deed says if a partner takes private benefit from a firm opportunity the benefit must be handed to the firm. Which principle is involved?
Class 12 · Accountancy
→The deed says market rent will be recovered if firm property is used personally. Which account may be credited for this amount?
Class 12 · Accountancy
→If the partnership deed expressly states that losses are to be borne only by A and B, while profits are shared by A, B and C, what will be C's position regarding losses?
Class 12 · Accountancy
→The deed states that a person will not share profits but will receive only fixed salary. What type of position can this indicate?
Class 12 · Accountancy
→The deed provides equal annual salary to partners but one partner remained for only six months. How will his salary be calculated?
Class 12 · Accountancy
→The deed says interest on capital will be calculated on average capital. A withdrew twenty thousand rupees in the middle of the year. What is the effect on interest base?
Class 12 · Accountancy
→If the deed says interest on capital will be allowed only on opening capital what effect will adding yearly profit to capital have on interest?
Class 12 · Accountancy
→The partnership deed prescribes a capital ratio of 5 : 3. If A's capital is ₹1,00,000, what should B's capital be?
Class 12 · Accountancy
→The deed requires A and B's capitals to be equal. A's capital is seventy thousand rupees and B's capital is sixty-two thousand rupees. What must B do to equalize the capitals?
Class 12 · Accountancy
→If the deed says profit up to date of death is to be calculated on sales basis why is this done?
Class 12 · Accountancy
→The deed is silent about old accumulated profits and a new partner is admitted. To whom will the pre admission general reserve belong?
Class 12 · Accountancy
→The deed requires the new partner to bring goodwill in cash but he brings only half of it. How is the remaining half generally adjusted?
Class 12 · Accountancy
→If a partnership deed guarantees a partner a minimum share of profit and that partner's actual profit share turns out to be higher than the guaranteed amount, what is the effect of the guarantee?
Class 12 · Accountancy
→The deed guarantees A minimum profit of sixty thousand rupees. A actual share is fifty two thousand rupees. B and C will bear the deficiency equally. What is each deduction?
Class 12 · Accountancy
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