The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is

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.

A partnership deed should be properly drafted and prepared as per the provisions of which act?

Following are considered as appropriations out of profits

(A) Rent paid to partners

(B) Interest on capital

(C) Salary paid to partners

(D) Commission allowed to partners

Choose the correct answer from the options given below:

The maximum limit for the number of partner is decided by.

A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-

Which of the following statements are true ?

(A) Under fixed capital method, capital and current accounts are prepared.

(B) If a partner withdrew in the beginning of each month, average period is 6.5 months taken for interest calculation.

(C) No interest on capital is provided in the absence of partnership deed.

(D) In the absence of partnership deed, profits are distributed in the capital ratio.

Choose the correct answer from the options given below: