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Which of the following is not a feature of a partnership deed?

In the case of fixed capital method, following two accounts are maintained.

Which of the following are charges against profits?

(A) Rent paid to partners

(B) Interest on loan, paid to partners

(C) Interest on Capital

(D) Manager's commission

Choose the correct answer from the options given below:

Which of the following is not a part of capital account under the fixed Capital Method?

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

When the date of drawing is not specified, interest on drawings is calculated for

Which of the following statement is incorrect?

Match List-I with List-II

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The Central Government has prescribed the maximum number of partners in a firm to be .......

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

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were:

Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000.

As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

M and N are partners in a firm and agree that an interest @12% per annum should be charged on drawings. M draws Rs. 20,000 per month at the beginning of each month. The amount of interest to be charged from M is:

X and Y are partners sharing profits in the ratio 3:2. Capital introduced by X and Y is ₹ 1,00,000 and ₹ 5,00,000 respectively. Interest on capital is allowed to partners @ 10%p.a. Profit of the firm for the year ending March 31st, 2025 is ₹ 30,000. Calculate Interest on Capital to be allowed to the partners.

Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:

Following are considered as appropriations out of profits

(A) Rent paid to partners

(B) Interest on capital

(C) Salary paid to partners

(D) Commission allowed to partners

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The Central government has prescribed the maximum number of partners in a firm to be

If the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of _______?

There is a need for valuation of goodwill under which of the following cases

(A) Admission of new partner

(B) Retirement of a partner

(C) Dissolution of a firm involving sale of business as a going concern.

(D) Amalgamation of partnership firms.

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Accounting treatment for a partnership firm is similar to that of a sole proprietorship business except the following aspects:

(A) Distribution of Profit and Loss among the partners

(B) Dissolution of Partnership Firm

(C) Raising Capital through public offering

(D) Adjustments for Wrong Appropriation of Profits in the Past

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Match List-I with List-II

If the partnership deed is silent regarding the items provided in List-I

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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:

Which of the following entry shows withdrawal of excess capital by partner's ?:

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 List-I with List-II

Match the accounts with their purpose

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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:

Which of the following is correct?

The important provision affecting partnership accounting, in the absence of a partnership deed is:

Arrange the following in a sequence, in which they will be utilize for the payment of losses:

(A) Out of capital of partners.

(B) Out of profits.

(C) By the partners individually in their profit sharing ratio.

Choose the correct answer from the options given below: