Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.

The amount to be shown in Income and Expenditure is :

Reconstitution of a partnership firm takes place when:

Aman, Billu and Sonu were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Sonu was guaranteed that her share of profit will not be less than Rs. 25,000. The firm's profit for the year ending on 31st March, 2025 was Rs. 1,00,000. The amount of deficiency to be borne by Aman was:

Which statement is not true about Capital Accounts of Partner-

The Partnership agreement between Maneesh and Girish provides that:

(A) Profits will be shared equally

(B) Maneesh will be allowed a salary of Rs 400 pm

(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary

(D) 7% p.a. interest will be allowed on Partner's fixed capital

(E) 5% p.a. interest will be charged on partner's annual drawings

(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000

Calculate the profit allocated to each partner after all adjustments.

Identify which of the following is not related to the concept of "MUTUAL AGENCY"?

"In partnership, all the acts of omission and commission need adjustments for correction of their impact." Necessary adjustments can be made by: