Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. From April 1, 2025, they decided to share profits and losses equally. The value of fixed assets on March 31, 2025, in the balance sheet was Rs. 2,80,000 and it was revalued at Rs. 3,31,000 on April 1, 2025. What journal entry will be passed in the books of the firm related to fixed Assets?

Net loss of the firm as per profit and loss account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika and Vidushi are partners, sharing profits and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000 and Vidushi Rs. 3,50,000. On the basis of the above information, pass the necessary journal entry

Which of the following is correct?

The important provision affecting partnership accounting, in the absence of a partnership deed is:

Ritesh, Deven and Keshav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2026, to 5:3:2. On that date, they have Workmen Compensation Reserve ₹ 1,80,000 and General Reserve ₹ 1,35,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000.

Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

Which statement is not true about Capital Accounts of Partner-

Which combination of statements is true about partnership-

(A) Valid partnership can be formulated even without a written agreement between the partners.

(B) Methods of settlement of disputes among the partners can't be part of the partnership deed.

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

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

Choose the correct answer from the options given below: