The partnership deed of a partnership firm includes:

(A) Salaries and Commission payable to partners

(B) Rules regarding the operation of bank accounts

(C) Common Seal of the firm

(D) The Accounting period of the firm

Choose the correct answer from the options given below:

Ramesh, Umesh and Suresh are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10% p.a. The drawings of Ramesh, Umesh and Suresh during the year ending March 31, 2025 amounted to Rs. 20,000, Rs. 15,000 and Rs. 10,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Which capital account should be credited in the adjustment entry ?

Calculate Interest on drawings for the amount Rs. 12000 on June 1, 2019.

Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:

Which of the following statements are correct about partnership:-

(A) Each partner carrying on the business is the principal as well as the agent for all the other partners

(B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner

(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners

(D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate

Choose the correct answer from the options given below:

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year.

A. Capital Accounts

B. Profit and Loss A/c

C. Profit and Loss Adjustment A/c

D. Balance Sheet

Choose the correct answer from the options given below:

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.