Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were:

Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000.

As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

Consider the below given statements related to the partnership and select the correct statements :-

(A) Partners may contribute capital in proportion to profit-sharing ratio.

(B) Partners must not get any interest on the loan provided by him to the firm in the absence of partnership deed.

(C) A partner cannot transfer his share without consent of other partners.

(D) Partners must contribute capital only in cash.

Choose the correct combination of statements from the options given below:

Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?

Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.

There are two methods by which the capital accounts of partners can be maintained. Select the main points of differences between the fixed and fluctuating capital methods from the following:

A. Under fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn, whereas under the fluctuating capital method, capital of the partners fluctuates.

B. Under fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partners' Current Account, whereas under fluctuating capital method, all the adjustments are recorded directly in the capital accounts of the partners.

C. Under fixed capital method, the partners' capital accounts will always show a credit balance and partners' current account, on the other hand, may show a debit or a credit balance, whereas under the fluctuating capital method, the capital account may sometimes show a debit balance.

D. The partners' capital accounts and current account will always show debit balance, whereas under the fluctuating capital method the capital account will always show a credit balance.

Choose the correct answer from the options given below:

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's current account will be ………?

Match List - I with List - II.

Choose the correct answer from the options given below :