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.

If partnership deed is silent, what is the interest on capital payable to the partners?

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

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?

Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-

Choose the correct statement if a partnership deed does not exist.

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's Current account will be _____?