Accounting for Partnership Firms (CBSE Class-12 Accountancy): Questions 47 - 51 of 135

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 209 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 250.00 or

Question number: 47

» Accounting for Partnership Firms » Partnership

Short Answer Question▾

Write in Short

A, and C are partners with fixed capitals of Rs. 2, 00, 000, Rs. 1, 50, 000 and Rs. 1, 00, 000 respectively. The balance of current accounts on 1st January, 2004 were A Rs. 10, 000 (Cr. ); B Rs. 4, 000 (Cr. ) and C Rs. 3, 000 (Dr. ). A gave a loan to the firm of Rs. 25, 000 on 1st July, 2004. The Partnership deed provided for the following: -

  1. Interest on Capital at 6%.
  2. Interest on drawings at 9%. Each partner drew Rs. 12, 000 on 1st July, 2004.
  3. Rs. 25, 000 is to be transferred in a Reserve Account.
  4. Profit sharing ratio is 5: 3: 2 upto Rs. 80, 000 and above Rs. 80, 000 equally. Net Profit of the firm before above adjustments was Rs. 1, 98, 360.

From the above information prepare Profit and Loss Appropriation Account, Capital and Current Accounts of the partners.

Question number: 48

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

One Liner Question▾

Write in Brief

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

One Liner Question▾

Write in Brief

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

Short Answer Question▾

Write in Short

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

Question number: 51

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

Short Answer Question▾

Write in Short

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?

Sign In