CBSE Class-12 Accountancy: Questions 52 - 58 of 209

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Question number: 52

» Accounting for Partnership Firms » Partnership

One Liner Question▾

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In the absence of a partnership deed, how are mutual relations of partners governed?

Question number: 53

» Accounting for Partnership Firms » Not-for-Profit Organizations

One Liner Question▾

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How would you calculate the amount of consumable materials?

Question number: 54

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

One Liner Question▾

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At the time of change in profit sharing ratio among the existing partners, where will you record an unrecorded liability?

Question number: 55

» Accounting for Partnership Firms » Partnership

One Liner Question▾

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What is meant by partnership deed?

Question number: 56

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

Short Answer Question▾

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How is the share of profit of a deceased partner calculated from the date of last balance sheet to the date of death?

Question number: 57

» Cash Flow Statement

One Liner Question▾

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State whether the payment of cash to creditors will result in inflow, outflow or no flow of cash.

Question number: 58

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

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From the following balance sheet of X and Y, calculate interest on capitals@10 % p. a. payable to X and Y for the year ended 31st December, 1998.

Balance sheet of X and Y ltd as on 31st December, 1998

shows balance of assets and liabilities of the firm at the end of financial year

Liabilities

Amount

Assets

Amount

X’s Capital

50, 000

Sundry Assets

1, 00, 000

Y’s capital

40, 000

Drawings X

10, 000

P & L appropriation A/c (1998)

20, 000

1, 10, 000

1, 10, 000

During the year 1998, X’s drawings were Rs. 10, 000 and Y’s Drawing were Rs. , 3, 000. Profit during the year, , 1998 was Rs: ‘30, 000.

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