In respect of Accounting of Partnership firm, under fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings will be recorded in:

Varun, Vansh and Vinay are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5. What will be the accounting treatment of Workmen Compensation Reserve existing in the balance sheet on that date when further information is not available?

The steps in the Process of Preparing Profit and Loss Appropriation account are :

(A) Transfer the net profit to the credit side of P & L Appropriation A/c

(B) Divide the Profit among partners in the Profit Sharing ratio

(C) Ascertain net profit after providing for all charges

(D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc.

(E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm.

Choose the correct answer from the options given below :

In case there is no partnership deed between the partners, then at what rate interest on capital will be provided?

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.

As per _____________. Purchased goodwill may be accounted for in the books and shown as an asset but self-generated goodwill is not accounted for in the books.