CBSE Class-12 Accountancy: Questions 7 - 12 of 209

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Question number: 7

» Analysis of Financial Statements » Financial Statement Analysis

One Liner Question▾

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what is financial statement analysis?

Question number: 8

» Analysis of Financial Statements » Financial Statements of a Company

Short Answer Question▾

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P and Q are partners with capitals of Rs. 6, 00, 000 and Rs. 4, 00, 000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs. 4, 26, 800 for the year. Prepare Profit and Loss account after taking the following into consideration: -

  1. Interest on P’s Loan of Rs. 2, 00, 000 to the firm
  2. Interest on ‘capital to be allowed@6 % p. a.
  3. Interest on Drawings@8 % p. a. Drawings were; P Rs. 80, 000 and Q Rs. 1000, 000.
  4. Q is to be allowed a commission on sales@3%. Sales for the year was Rs. 1000000
  5. 10 % of the divisible profits is to be kept in a Reserve Account.

Question number: 9

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

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In case of admission of a new partner, goodwill was already appearing in the books of the firm. Give journal entry for its treatment.

Question number: 10

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

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The goodwill of a partnership is valued at Rs. 20, 000. State the amount required by a new partner, if he is coming for 1/5 share in profits.

Question number: 11

» Accounting for Partnership Firms » Past Adjustments

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The partnership deed provides that Anjali, the partner will get Rs. 10, 000 per month as salary. But, the remaining partners object to it. How will this matter be resolved?

Question number: 12

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

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State any two reasons for the preparation of ‘Revaluation Account’ on the admission of a partner.

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