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?

Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes :

(A) Transfer amount to general reserve, as per requirement.

(B) Allow interest on capital and charge interest on drawing.

(C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c

(D) Find out the balance amount to be distributed among partners.

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Match List-I with List-II

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Which of the following is NOT a feature of partnership?

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.

A. If it is appropriation, calculate interest on capital for all partners at given rate

B. Divide the available amount in the capital ratio among the partners

C. Calculate ratio between capital of partners

D. Consider the partnership deed and decide whether interest on capital is a charge or an appropriation

E. Consider the available profit

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Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a firm, but the number of partners can not be more than 100?

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 ?