Accounting for Partnership Firms-Partnership (CBSE Class-12 Accountancy): Questions 13 - 18 of 30

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Question number: 13

» Accounting for Partnership Firms » Partnership

One Liner Question▾

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What is meant by partnership deed?

Question number: 14

» Accounting for Partnership Firms » Partnership

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What is the status of partnership from an accounting viewpoint?

Question number: 15

» Accounting for Partnership Firms » Partnership

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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: 16

» Accounting for Partnership Firms » Partnership

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

Question number: 17

» Accounting for Partnership Firms » Partnership

One Liner Question▾

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When does the Joint Life Policy become due?

Question number: 18

» 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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