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Class 12 · Accountancy · Medium
→According to the deed, what should be done before distributing profit?
Class 12 · Accountancy · Medium
→If sales are rupees two lakh and the deed allows partner commission at two percent on sales, what is the commission?
Class 12 · Accountancy · Medium
→The deed allows B a five percent commission on sales. On what basis is this commission given?
Class 12 · Accountancy · Medium
→If the deed mentions the method of valuation of goodwill, when will it be most useful?
Class 12 · Accountancy · Medium
→What is the purpose of mentioning names and addresses in the deed?
Class 12 · Accountancy · Medium
→Mentioning the duration of the firm in the deed is especially useful in which situation?
Class 12 · Accountancy · Medium
→The deed says that both interest on capital and interest on drawings will be recorded. What will be their effect?
Class 12 · Accountancy · Easy
→A is guaranteed a minimum profit of rupees twenty thousand. His actual share of profit is rupees seventeen thousand. What is the deficiency?
Class 12 · Accountancy · Medium
→The deed contains a minimum profit guarantee clause. What will it affect?
Class 12 · Accountancy · Medium
→Which clause clarifies which partner can enter into contracts on behalf of the firm?
Class 12 · Accountancy · Medium
→The partnership deed states that partners will not charge their personal expenses to the firm. This provision exemplifies which accounting concept?
Class 12 · Accountancy · Medium
→A and B are equal partners. As per the deed, B is entitled to an annual salary of rupees twelve thousand. The net profit is rupees forty thousand. What is the distributable profit after deducting the salary?
Class 12 · Accountancy · Medium
→The deed provides interest on capital after appropriation of profit. If profit is insufficient, what should be kept in mind?
Class 12 · Accountancy · Medium
→The deed provides for fluctuating capital method. Which account will drawings and interest affect?
Class 12 · Accountancy · Medium
→A deed states that capitals will be fixed. In such a case, where are additional capital and drawings generally recorded?
Class 12 · Accountancy · Medium
→In which situation is the partnership deed the most authoritative evidence?
Class 12 · Accountancy · Medium
→Why is an arbitration clause included in a partnership deed for dispute resolution?
Class 12 · Accountancy · Medium
→A and B share profits in the ratio 3:2. As per the deed, A is paid a commission of 10% of profit and then the remaining profit is shared. If the profit remaining for distribution after the commission is ₹45,000, what is A's share from the remaining profit?
Class 12 · Accountancy · Medium
→A deed clause for settlement on death protects whose interest?
Class 12 · Accountancy · Medium
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