Accounting for Partnership Firms (CBSE Class-12 Accountancy): Questions 26 - 32 of 135

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Question number: 26

» Accounting for Partnership Firms » Past Adjustments

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The partnership deed is silent on payment of salary to partners. Alok, a partner, has put a claim that since he manages the business, he should get monthly salary of Rs. 10, 000. Is he entitled to the salary.

Question number: 27

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

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Why is the General reserve distributed among the old Partners before a new Partner is admitted?

Question number: 28

» Accounting for Partnership Firms » Partnership

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Why is it important to have a partnership deed in writing?

Question number: 29

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

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Distinguish between Sacrificing Ratio and Gaining Ratio.

Question number: 30

» Accounting for Partnership Firms » Past Adjustments

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A, B and C entered into partnership on 1st April, 2006 to share profits & losses in the ratio of 4: 3: 3. A, however, personally guaranteed that C’s share of profit after charging interest on Capital@5 % p. a. would not be less than Rs. 40, 000 in any year. The Capital contributions were:

A, Rs. 3, 00, 000; B, Rs. 2, 00, 000 and C, Rs. 1, 50, 000.

The profit for the year ended on 31st March, ‘2007 amounted to Rs. 1, 60, 000. show the Profit & Loss Appropriation Account.

Question number: 31

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

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What is meant by the sacrificing Ratio in case of admission of a Partner?

Question number: 32

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

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How is amount payable to the representative of a deceased partner calculated?

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