CBSE Class-12 Accountancy: Questions 149 - 156 of 209

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Question number: 149

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

One Liner Question▾

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What journal entries should be passed when the new partner brings his share of goodwill in kind?

Question number: 150

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

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Kumar and Raja were partners in a firm sharing profits in the ratio of 7: 3. Their fixed capital were: Kumar Rs. 9, 00, 000 and Raja Rs. 4, 00, 000. The partnership deed provided for the following but the profit for the year was distributed without providing for:

i) Interest on capital@9 % p. a.

ii) Kumar’s salary Rs. 50, 000 per year and Raja’s salary Rs. 3, 000 per month.

The profit for the year ended 31.3. 2007 was Rs. 2, 78, 000.

Pass the adjustment entry.

Question number: 151

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

One Liner Question▾

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Can an outgoing partner or Legal Representative of Deceased Partner share in the subsequent profits?

Question number: 152

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

One Liner Question▾

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Where will you record ‘increase in machinery’ in case of change in profit sharing ratio among the existing partners?

Question number: 153

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

One Liner Question▾

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What do you understand by ‘Gaining Partner’?

Question number: 154

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

One Liner Question▾

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What do you understand by fixed capital of partners?

Question number: 155

» Analysis of Financial Statements » Financial Statements of a Company

One Liner Question▾

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How would you account for the cost of prizes purchased for distribution, of a ‘Prize-Flood’ is maintained?

Question number: 156

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

One Liner Question▾

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Not-for-profit organisations have some distinguishing features from that of profit o rganisations. State any one of them.

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