No products in the cart.

Ask questions which are clear, concise and easy to understand.

Ask Question

    • Posted by Anish Jaswani 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Yogita Ingle 5 years, 5 months ago

    A partnership deed also called as a partnership agreement, is a record that outlines in detail the rights and functionalities of all parties to a business operation. It has the force of law and is designed to guide the partners in the conduct of the business.

    The Partnership comes into the limelight when:

    • There is an outcome of agreement among the partners.
    • The agreement can be either in written or oral form
    • The Partnership Act does not demand that the agreement has to be in writing. Wherever it is in the form of writing, the document, which comprises terms of the agreement is called ‘Partnership Deed’

    0Thank You

    ANSWER

    • Posted by Anish Jaswani 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Khushal Gohel 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Aaiman Farhin 5 years, 5 months ago

    Only profit as it is an appropriation not charge

    1Thank You

    Gaurav Seth 5 years, 5 months ago

    Profits

    Interest on Capital: If the partnership deed is silent on interest on partner's capital, then according to the Partnership Act of 1932, no interest on capital should be given to the partners of the firm. However, interest on capital is given only out of the profits, if mutually agreed by all the partners.

    1Thank You

    ANSWER

    • Posted by Varun Yadav 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Aaiman Farhin 5 years, 5 months ago

    It is shown in the liability side of balance sheet. It refers to the asset that passes from generation to generation. It can also be called as Wasiyat nama,.

    0Thank You

    ANSWER

    • Posted by Tanu Khan 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Aaiman Farhin 5 years, 5 months ago

    G) not allowed D) division on loan by partners not allowed

    0Thank You

    Aaiman Farhin 5 years, 5 months ago

    a) not provided b) not provided c) 6% pa e) equally f) not charged

    0Thank You

    ANSWER

    • Posted by Radha Das 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Gaurav Seth 5 years, 5 months ago

    In case of Not-for-profit organisation Subscription is the main source of income. A subscription is basically the amount of money paid by the members on periodic basis for keeping their membership with the organisation continue.

    Subscriptions received in advance during an accounting year is a liability .

    Subscription received in advance during the current year is recorded on the liability side of current year's Balance sheet.

    0Thank You

    ANSWER

    • Posted by Sakshi Soni 4 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Raunak Srivastava 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    N 1st April , 2018 precious ,Noble and Perfect entered into parnership with capirals of Rs. 60,000 Rs. 50,000 and Rs, 30,000 respectively Perfect advanced Rs. 10.000 as loan to the partnership on 1st october , 2018 ,the parnership Deed Ontained the following clauses : (i) Interest on capital @ 6% p.a . (ii) Interest on drawings @ 6% p.a Each Drew Rs. 4.000 at the end each quarter commencing from 31 th june , 2018 (iii) Working partners precious and Noble to get salry of Rs. 200 and Rs.300 per month respectively ltbr. (iv) nterest on loan was given to perfect @ 6% p.a (v) Noble is to get rent of Rs. 2,000 per month for use of his bulliding by the firm it is paid him by cheque at the end of every month. (vi) Profits and losses are to be shared in the ratio of 4:2:1 up to Rs. 70,000 and above Rs. 70,000 equally . Profit of the firm for the year ended 31st March 2019 (before the above adjusment) was Rs. 1,35,000 Preparea profit and Loss appropriation account and capital Accounts Of PArtners if Capitals are fixed

    • Posted by Revathy Venkatesh 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Gaurav Seth 5 years, 5 months ago

     Notes : Net profit = profit-rent-interest on loan

                                   = 1,35,000-24,000-300

                                   = 1,10,700                      

     PROFIT AND LOSS APPROPRIATION ACCOUNT

     Particulars Amount   Particulars  Amount
     To Interest on capital
    Precious-60,000*6%=3600
    Noble-50,000*6%=3000
    Perfect-30,000*6%=1800    		  8400  By net profit
    (notes)    		  1,10,700
     To partners salary
    Precious-200*12=2400
    Noble -300*12=3600    		  6000  By interest on drawings
    4000*4*6%*4.5/12=360*3    		  1080
     To profit share
    First 70,000(4:2:1)
    Precious-40,000
    Noble- 20,000
    Perfect-10,000
    Balance equally i.e (1,11,780-8400-6000-70,000) =27,380
    Precious-9127
    Noble-9127
    Perfect-9127    		  70,000




    27,380    		    
     Total  1,11,780  Total
         		 1,11,780 

                                          PARTNERS CAPITAL ACCOUNT

     Particulars  Precious  Noble Perfect   Particulars Precious   Noble Perfect 
    To bal c/d   60,000  50,000  30,000 By bal b/d   60,000 50,000   30,000

                                           PARTNERS CURRENT ACCOUNTS

     Particulars  Precious  Noble Perfect  Particulars   Precious Noble  Perfect 
     To Drawings  16,000  16,000  16,000 By Interest on capital 3,600   3,600  1,800
     To Interest on drawings 360   360  360  By partner's salary 2400   3600  
     To bal c/d  38,767  19,367  4,566  By P&L App A/c  49,127  29,127  19,126
     Total  55,127 35,727   20,926  Total  55,127  35,727  20,926

    0Thank You

    ANSWER

    • Posted by Pardeep Singla 4 years, 7 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Sia ? 4 years, 7 months ago

    Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible. Bad debt is a contingency that must be accounted for by all businesses that extend credit to customers, as there is always a risk that payment will not be received.

    0Thank You

    ANSWER

    • Posted by ? Sagar 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Harsh Arya 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Arun Kakkad 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Shaboni Roy 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Nimpa Shil 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 3 answers

    Sonu Chand 5 years, 5 months ago

    Fixed Capital Method Fluctuating Capital Method 1.Number of Accounts Two accounts, viz., capital and current account. One account, viz., capital account. 2. Nature of Account / Balance Remains unaltered Fluctuates. 3. Adjustments Adjustments like interest on capital, drawings, interest on drawings, etc. are made in the current accounts. Adjustments are made in the capital account itself. 4. Appearance in the balance sheet Both capital and current accounts appear. Only capital account appears . 5. Specific mention It should be specifically mentioned in the partnership deed. Not necessary. 6. Credit / Debit balance Fixed capital accounts always shows a credit balance. Fluctuating capital may some times show a debit balance.

    0Thank You

    Aaiman Farhin 5 years, 5 months ago

    In fixed method capital is constant when capital is not introduced or withdrawn whereas in fluctuating method it changes every year. In fixed method capital account never shows debit balance whereas in fluctuating method capital account can show debit balance. In fixed method two accounts are prepared whereas in fluctuating method only one account is prepared. In fixed method capital changes only in two codition when capital is introduced or withdrawn whereas in fluctuating method all adjustment are made in capital account.

    0Thank You

    Yogita Ingle 5 years, 5 months ago

    In fixed capital account method, two separate accounts are maintained for each partner capital account and current account. In fluctuating capital accounts method, each partner maintains only one account, i.e. capital account

    1Thank You

    ANSWER

    • Posted by Lovepreet Dhalio 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Sonu Chand 5 years, 5 months ago

    It is revenue expenditure. So as to be recorded in I&E A/c as expenses on debit side

    0Thank You

    Suzjeeth Nanthakumar 5 years, 5 months ago

    Expenses

    0Thank You

    ANSWER

    • Posted by Khushi Varshney 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Akshay Jain 5 years, 5 months ago

    No

    0Thank You

    Sonu Chand 5 years, 5 months ago

    Nooo

    0Thank You

    ANSWER

    • Posted by Nakshatra Nakshatra 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Malvika Chintakailu 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Geeta Yadav 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Steena Elsa George 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Gaurav Seth 5 years, 5 months ago

    Operating Cost=Rs 6,80,000

    Operating Expenses=Rs 80,000 

    Gross Profit Ratio=25%

     

    Operating Cost=Cost of Revenue from Operations+Operating Expenses 

    6,80,000=Cost of Revenue from Operations+80,000

    Cost of Revenue from Operations=Rs 6,00,000 

    Gross Profit =1/4th of Sales = 1/3rd of cost

    Gross Profit = 1/3×600000 = Rs 200000

    Gross Profit Ratio= Gross Profit / Net Sales×100

    25 = 200000 / Net Sales × 100

    Net Sales = RS 800000

    Operating Ratio = Operating Cost / Net sales×100

    680000 / 800000×100 = 85%

    0Thank You

    ANSWER

    • Posted by Shivam Pandey 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Sonu Chand 5 years, 5 months ago

    Not-for-profit organizations are types of organizations that do not earn profits for its owners. ... In a nonprofit organization, income is not distributed to the group's members, directors, or officers. There are also nonprofit corporations known as non-stock corporations.

    0Thank You

    Gaurav Seth 5 years, 5 months ago

    Not-for-Profit Organisations (NPO) are set up with the prime objective of providing services and not to earn profit thereby enhancing the welfare of society. Such organisations include schools, hospitals, trade unions, religious organisations, etc. The person/s or the groups of individuals who govern and manage the working of an NPO are known as trustees. NPO's main sources of income are donations, subscriptions, life membership fees, grants etc. As these organisations are not set up with profit motive, they do not prepare Trading and Profit and Loss Account. Instead, they maintain Receipt and Payments Account, Income and Expenditure Account and Balance Sheet. 

    0Thank You

    ANSWER

    • Posted by Bhavika Shekhawat 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Greshy Rohilla 5 years, 5 months ago

    Nhi mili

    0Thank You

    ANSWER

    • Posted by Sonu Chand 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Sonu Chand 5 years, 5 months ago

    Accounting for partnership firms unit:2 In this chapter some topics where and Unit:3 accounting for companies In this some portion of topics where deleted

    0Thank You

    Maneet Kaur 5 years, 5 months ago

    I'm also can't understand please tell someone

    0Thank You

    ANSWER

    • Posted by Ashmeet Kaur 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Harpreet Ghuman 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 3 answers

    Sonu Chand 5 years, 5 months ago

    Debited in p&l appropriation a/c

    1Thank You

    Aaiman Farhin 5 years, 5 months ago

    Capital account is credited as liability of firm towards the partner has been increased

    1Thank You

    Prachi Tyagi 5 years, 5 months ago

    Debited

    1Thank You

    ANSWER

    • Posted by Priya Tiwari 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Sonu Chand 5 years, 5 months ago

    Formula: {Amount of share forfeited/No. Of shares forfeited × no. Of shares reissued} - Amount of discount on reissue

    0Thank You

    Sonu Chand 5 years, 5 months ago

    Reserves in accounting In accounting, reserves are recorded by debiting the retained earnings account then crediting the same amounting to the reserve account

    0Thank You

    ANSWER

    • Posted by Jaspal Kaur 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Sonu Chand 5 years, 5 months ago

    Sss

    0Thank You

    Pawas Yadav 5 years, 5 months ago

    No

    1Thank You

    ANSWER

    • Posted by Nagaraj Basaragida 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Mohammad Tufail Ansari 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    myCBSEguide App

    myCBSEguide

    Trusted by 1 Crore+ Students

    Install Now

    Test Generator

    Test Generator

    Create papers online. It's FREE.

    Try Now

    CUET Mock Tests

    CUET Mock Tests

    75,000+ questions to practice only on myCBSEguide app

    Install Now
    Google Play

    Download myCBSEguide App

    All Courses

    Other Websites

    CBSE Courses

    Resources

    Corporate

    NCERT Solutions

    CBSE Sample Papers

    All Content and Intellectual Property is under Copyright Protection | myCBSEguide.com ©2007-2025