Arun, a partner in a firm, withdraws Rs.1,000 from his capital at the beginning of every month for personal use. What would be the amount of interest on drawings for the whole year given the rate of interest is 9% per annum?

Calculate the amount of subscription to be shown in Income and expenditure A/C for the year ending 31st March 2022

Subscription received during the year 2021-22 Rs. 100,000

Outstanding subscription for the year 2020-21 Rs. 10000

Outstanding subscription for the year 2021-22 Rs. 20000

Subscription received in advance in 2020-21 Rs. 5000

Subscription received in advance in 2021-22 Rs. 4000

Under fluctuating capital method,

(A) Only one account, i.e., a capital account is maintained for each partner

(B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the current accounts of the partners.

(C) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the capital accounts of the partners.

(D) This makes the balance in the capital account fluctuate from time to time.

Choose the correct answer from the options given below:

Which of the following is not a feature of partnership as per Partnership Act 1932 ?

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:

Gitansh withdrew Rs. 5000 pm at the end of every month for ten months. Interest on drawing is charged @ 10% p.a. Gitansh's interest on drawings is :

A, B and C are partners. They agreed to change their existing profit sharing ratio from 3:2:1 to 1:1:1. An unrecorded asset of Rs. 50,000 was identified. For this unrecorded asset: