CBSE Class-12 Accountancy: Questions 27 - 34 of 209

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Question number: 27

» Accounting for Partnership Firms » Past Adjustments

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P and Q are partners from 1st January, 1998 without any partnership agreement and they introduced capital of Rs. 40, 000 and Rs. 20, 000 respectively. On 1st July, 1998, P advances Rs. 10, 000 by way of loan to the firm without any agreement as to interest. The Profit &, Loss Account for the year 1998 disclosed a profit of Rs. 14, 250; but the partners cannot agree upon the question of interest and upon the basis of division of profits. You are required to divide the profit between them giving reasons for your method.

Question number: 28

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

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What are the adjustments required on the retirement or death of a partner?

Question number: 29

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

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What is meant by Fund Based Accounting?

Question number: 30

» Accounting for Partnership Firms » Goodwill

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The capital of A and B are Rs. 50, 000 and Rs. 40, 000. To Increase the Capital base of the firm to Rs. 1, 50, 000, they admit C To join the firm, C is required to Pay a sum of Rs. 70, 000, what is the amount of premium of goodwill?

Question number: 31

» Analysis of Financial Statements » Financial Statements of a Company

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What is Endonoment fund?

Question number: 32

» Analysis of Financial Statements » Financial Statements of a Company

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Write any two limitation of receipts and payment account?

Question number: 33

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

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Explain accounting treatment of ‘Sale of old newspaper and magazine by NPO?

Question number: 34

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

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Give journal entry for recording deceased partner’s share in profit from the closure of last balance sheet till the date of his death.

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