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Which of the following statements results in the reconstitution of a partnership firm :-

(A) Change in profit sharing ratio among partners.

(B) Admission of a new partner.

(C) Dissolution of a partnership firm.

(D) Dissolution of a partnership.

Choose the correct answer from the options given below:

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

Which of the following is not included in the Contents of the Partnership Deed-

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

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

Which of the following is not the feature of fluctuating capital in partnership-

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?

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the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners.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

Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

The clauses of a partnership deed can be altered with the consent of ______

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:

John Ibrahim, a partner in Ancient Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. He withdrew Rs. 3,000 per month at the beginning of the month. Calculate interest on drawings that should be charged from John Ibrahim, if the rate of interest charged on drawing is 9% per annum.

A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-

Which of the following statements results in the reconstitution of a partnership firm :-

(A) Change in profit sharing ratio among partners.

(B) Admission of a new partner.

(C) Dissolution of a partnership firm.

(D) Dissolution of a partnership.

Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

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 of the following is not always an essential feature of partnership?

Which among the following is NOT true?

By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

The Partnership Deed usually contains the following details:

(A) Amount of capital to be contributed by each partner

(B) The accounting period of the firm

(C) Profit and loss sharing ratio

(D) The rights, duties and liabilities of each partner

Choose the correct answer from the options given below:

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-

Which of the following item is not shown in the Profit and Loss Appropriation Account?

Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.

Which of the following characteristics is highlighted in the statement: "He can bind other partners by his acts and also is bound by the acts of other partners with regard to the business of the firm."

If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:

Which of the following is NOT a feature of partnership?

Opening capital balances of partners will be calculated by using which of the following formula :-

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.'

Which feature of partnership is indicated by the above statement?

For distribution of profits among the partners, the following account is debited to the partners:

A and B are partners without any partnership deed. B has given loan of Rs.2,00,000 to the firm on 1st July 2023. B claim interest on loan @ 10% p.a. How much interest on loan will be paid to B for the year ending on 31st March 2024. ?

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 ………?