Krishna, Sandeep and Karim are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are: Krishna Rs. 1,20,000, Sandeep 90,000 and Karim 60,000. For the year 2024-25, interest was credited to them at @ 8% p.a. instead of 5% p.a. Find the amount transferred from Karim to Krishna's current account as an adjustment.

Select the conditions required for computing interest on drawings using average period method:

A. Equal amount of drawings

B. Fixed interval of drawings

C. Varying amounts of drawings

D. Different interval of drawings

E. Rate of Interest

Choose the correct answer from the options given below:

Which among the following is NOT true about the Partnership?

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:

Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions.

Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.

The content of Partnership deed includes:

A. Name and address of all partners

B. Method of settlement of disputes among partners

C. Deed once made cannot be altered

D. Rules regarding operation of Bank account

E. Verbal agreement between partners is considered as deed

Choose the correct answer from the options given below:

By virtue of which Section of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm, but the number of partners can not be more than 100?