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Class 12 · Accountancy
→The deed says partners need written permission before taking loans. What problem can an unauthorized loan create?
Class 12 · Accountancy
→If the deed requires goodwill to be brought in cash on admission but the new partner does not bring cash what is the usual adjustment in old books?
Class 12 · Accountancy
→The deed says goodwill on death of a partner will be twice the average profit of three years. What is the purpose of this clause?
Class 12 · Accountancy
→The deed says one partner will not bear losses. How will losses be shared in such a case?
Class 12 · Accountancy
→The deed allows monthly salary of eight thousand rupees to a partner. He became partner on first January and year ends on thirty first March. What salary will be allowed?
Class 12 · Accountancy
→If the partnership deed gives separate interest rates for loan and capital which rate applies to partners loan?
Class 12 · Accountancy
→The deed charges twelve percent interest on drawings. B withdrew thirty thousand rupees on first July and year ends on thirty first March. What is the interest?
Class 12 · Accountancy
→The deed allows six percent interest on capital. A introduced additional capital of forty thousand rupees on first October. What is interest on this additional capital up to thirty first March?
Class 12 · Accountancy
→The deed says partners may inspect the firms books. Which accounting principle does this right strengthen?
Class 12 · Accountancy
→If the deed states a procedure for changing profit sharing ratio why is applying a new ratio without written amendment risky?
Class 12 · Accountancy
→The deed guarantees A a minimum profit of fifty thousand rupees. A actual share is forty thousand rupees and B alone bears the deficiency. How much will be debited to B?
Class 12 · Accountancy
→The deed charges interest on drawings but a partner takes goods for personal use. What is the correct treatment?
Class 12 · Accountancy
→If the deed says interest on capital is to be allowed only on average capital what is the effect of drawings during the year?
Class 12 · Accountancy
→The deed says A will first receive annual salary of thirty thousand rupees and then remaining profit will be shared in three to two. If net profit is twenty thousand rupees what happens?
Class 12 · Accountancy
→The deed allows salary to partner A and commission to partner B. What is the correct treatment before profit distribution?
Class 12 · Accountancy
→If the partnership deed gives both interest on capital rate and profit sharing ratio but profit is insufficient what decision is needed first?
Class 12 · Accountancy
→Which statement is correct when there is no partnership deed?
Class 12 · Accountancy
→The deed allows interest on capital but there is already a net loss before closing accounts. What happens to interest on capital in the normal case?
Class 12 · Accountancy
→The deed says no partner will use firm property for personal use. If violated what may be considered in accounting?
Class 12 · Accountancy
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