Accounting for Partnership Firms (CBSE Class-12 Accountancy): Questions 71 - 77 of 135

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Question number: 71

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

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Explain the treatment of aid from government and other institutions?

Question number: 72

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

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At the time of admission of a new partner, workmen’s compensation reserve in appearing in the Balance sheet as Rs. 1, 000. Give journal entry if workmen’s compensation at the time of admission is estimated at Rs. 1, 200.

Question number: 73

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

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How is goodwill adjusted in the books of a firm -when a partner retires from partnership?

Question number: 74

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

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P, Q and R are partners in a firm sharing profits in the ratio of 2: 2: 1 on 1.4. 2007 the partners decided to share future profits in the ratio of 3: 2: 1 on that day balance sheet of the firm shows General Reserve of Rs. 50, 000. Pass entry for distribution of reserve.

Question number: 75

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

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At the time of admission of partner where will you record ‘unrecorded investment’?

Question number: 76

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

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Give two circumstances in which the fixed capital of partners may change.

Question number: 77

» Accounting for Partnership Firms » Partnership

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Ram and Shyam were partners in a firm. The partnership agreement provides that:

(i) Profit sharing ratio will be “3: 2.

(ii) Ram will be allowed a salary of Rs. 500 p. m.

(iii) Shyam who manages the sales department will be allowed a commission equal to 10 % of the net profit after allowing Ram’s salary. ’

(iv) 8 % interest will be allowed on partners’ fixed capitals.

(v) 6 % interest will be charged on partners’ annual drawings.

(vi) The fixed capitals of Rain and Shyam were Rs. 2, 00, 000 and Rs. 1, 50, 000 respectively. Their annual drawings were Rs. 18, 000 and Rs. 15, 000 respectively. The net profit for the year ended nearly amounted to Rs. 60, 000. Prepare firms Profit and Loss Appropriation Account.

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