Accounting for Partnership Firms (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 48 - 55 of 135

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Question number: 48

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

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Why is it necessary to revalue assets and reassess liabilities of a firm in case of admission of a new partner?

Question number: 49

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

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State the ratio in which profit or loss on revaluation will be shared by the partners when a partner retires. ;

Question number: 50

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

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Explain accounting treatment of ’Life Membership Fees in case of NPO?

Question number: 51

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

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If the partners capital accounts are fixed, where will you record the following items:

i) Salary to a partners

ii) Drawing by a partners

iii) Interest on capital and

iv) Share of profit earned by a partner?

Question number: 52

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

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Enumeration the matters that need adjustment at the time of admission of a new Partner.

Question number: 53

» Accounting for Partnership Firms » Partnership

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What is the minimum and maximum number of partners in all partnership.

Question number: 54

» Accounting for Partnership Firms » Partnership

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When does the Joint Life Policy become due?

Question number: 55

» Accounting for Partnership Firms » Partnership

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A and B are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed@6 % p. a. B is to be allowed an annual salary of Rs. 2,500. During 2006, the profits of the year prior to calculation of interest on capital but after charging B’s salary amounted to Rs. 12,500. A provision of 5 % of the profits is to be made in respect of Manager’s commission.

Prepare an account showing the allocation of profits and partners’ capital accounts.

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