"In partnership, all the acts of omission and commission need adjustments for correction of their impact." Necessary adjustments can be made by:

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

Match the following with regard to partnership

Choose the correct answer from the options given below:

Which of the following statement is incorrect?

What is the amount of profit to be credited to A's Capital account?

Which of the following statements are correct about partnership:-

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

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

(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners

(D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate

Choose the correct answer from the options given below:

Which combination of statements is true about the fixed and fluctuating capital:

(A). Under the Fixed capital method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.

(B). Under the Fluctuating capital method, the balance of the capital account fluctuates from year to year.

(C). Under the Fixed capital method, drawings, salary, interest on capital etc. are posted (transferred) in the current accounts and not in the capital accounts.

(D). Under the Fixed capital method, the capital accounts always show a debit balance.

Choose the correct answer from the options given below: