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Which among the following is not the feature of a fixed capital method by which the capital accounts of partners can be maintained?

If the partnership deed is silent on interest on capital, then:

Which of the following is the feature of fluctuating capital:

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:

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?

Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:-

Case I - Rs 40,000

or

Case II - Rs 60,000

The Partnership agreement between Maneesh and Girish provides that:

(A) Profits will be shared equally

(B) Maneesh will be allowed a salary of Rs 400 pm

(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary

(D) 7% p.a. interest will be allowed on Partner's fixed capital

(E) 5% p.a. interest will be charged on partner's annual drawings

(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000

Calculate the profit allocated to each partner after all adjustments.

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.

Choose the correct answer from the options given below:

The following are the features of the fluctuating capital method by which the capital accounts of partners can be maintained.

(A) Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner.

(B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the capital accounts of the partners.

(C) the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners.

(D) The capital account may sometimes show a debit balance.

Choose the correct answer from the options given below:

Which among the following is NOT true about the Partnership?

In the Proforma of Partner's Capital Account under the Fluctuating capital Method, the Credit side includes the following items:

(A) Balance b/d (in case of credit opening balance)

(B) Salaries

(C) Interest on drawings

(D) Profit and Loss Appropriation (for share of profit)

Choose the correct answer from the options given below:

Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017

Which of the following are shown under capital account in case capital of partner's are fixed?

(A) Fresh capital introduced

(B) Permanent capital withdrawn

(C) Interest on capital

(D) Amount of capital brought down from the previous year

Choose the correct answer from the options given below:

The maximum limit for the number of partner is decided by.

Himanshu withdrew Rs.2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017.

When drawings are made at the beginning of every month for the full year, interest on drawings is calculated for

Identify which statement is FALSE-

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

The steps followed for calculating interest on drawing in the product method are.

(A) Calculate number of month for which interest is due on each drawing

(B) List down amount of drawing in decending order in a table..

(C) find the total of product and apply the formula to calculate interest on drawing.

(D) Calculate product for each drawing by multiplying amount and number of month.

Choose the correct answer from the options given below:

Which is not usually included / mentioned in the contents of the Partnership Deed:-

Identify the true statement in respect of the Fixed Capital Method for a Partnership Firm :-

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners.

Which among the following is NOT the feature of the fixed capital method?

J and K are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2024-2025 were Rs. 1,50,000 and Rs. 75,000 respectively. During the year 2024-2025, J’s drawings were Rs. 20,000 and the drawings of K were Rs. 5,000, which had been duly debited to partner’s capital accounts. Profit before charging interest on capital for the year was Rs. 16,000. The same had also been credited in their profit sharing ratio. K had brought additional capital of Rs. 16,000 on October 1, 2024. Calculate interest on capital @ 12% p.a. for the year 2024-2025 for J.

Identify the true statement in respect of a partnership Firm-

Match List-I with List-II

Choose the correct answer from the options given below:

Which of the following statements relates to Fixed Capital Method?

(A) The capitals of the partners shall remain fixed unless additional capital is introduced or capital is withdrawn.

(B) All items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partner's Current Account.

(C) The partners' capital accounts will always show a debit balance.

(D) The partners' current account may show a debit or a credit balance.

Choose the correct answer from the options given below:

Which Act empowers the Central Government to prescribe a maximum number of partners in a partnership firm :-

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm,

Which, among the following, is not shown in the Profit and Loss Appropriation Account?

Which combination of statements are false about partnership-

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

(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) Methods of settlement of dispute among the partners can't be part of the partnership deed.

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

Choose the correct answer from the options given below:

1. (A), (B) and (D) only
2. (A), (B) and (C) only
3. (A), (B), (C) and (D)
4. (B), (C) and (D) only

If the partnership deed is silent on interest on capital, then: