Accounting for Partnership Firms-Past Adjustments (CBSE Class-12 Accountancy): Questions 1 - 5 of 16

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Question number: 1

» Accounting for Partnership Firms » Past Adjustments

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In a partnership firm assets are Rs. 5, 00, 000 and liabilities are Rs. 2, 00, 000. The normal profit rate is 15%. State the amount of normal profits.

Question number: 2

» Accounting for Partnership Firms » Past Adjustments

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The partnership deed provides that Anjali, the partner will get Rs. 10, 000 per month as salary. But, the remaining partners object to it. How will this matter be resolved?

Question number: 3

» Accounting for Partnership Firms » Past Adjustments

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P and Q are partners from 1st January, 1998 without any partnership agreement and they introduced capital of Rs. 40, 000 and Rs. 20, 000 respectively. On 1st July, 1998, P advances Rs. 10, 000 by way of loan to the firm without any agreement as to interest. The Profit &, Loss Account for the year 1998 disclosed a profit of Rs. 14, 250; but the partners cannot agree upon the question of interest and upon the basis of division of profits. You are required to divide the profit between them giving reasons for your method.

Question number: 4

» 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: 5

» 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.

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