CBSE (Central Board of Secondary Education- Board Exam) 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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