Class 12th Accountancy 2017 Set1 Delhi Board Paper Solution
Does partnership firm has a separate legal entity ? Give reason in support of your answer.
No, a partnership firm doesn't have a separate legal entity as partners' private assets can be utilized to set off the liability of firm as per law.
Popular Questions of Class 12th accountancy
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What is Capital Fund? How is it calculated?
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What is sacrificing ratio? Why is it calculated?
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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
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Why there is need for the revaluation of assets and liabilities on the admission of a partner?
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What is subscription? How is it calculated?
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List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating. - Q:-
Why is Profit and Loss Adjustment Account prepared? Explain.
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If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
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Why it is considered desirable to make the partnership agreement in writing.
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On what occasions sacrificing ratio is used?
Recently Viewed Questions of Class 12th accountancy
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Define Partnership Deed.
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What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
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Write the various matters that need adjustments at the time of retirement of partner/partners.
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Why is Profit and Loss Adjustment Account prepared? Explain.
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What are the features of Receipt and Payment Account?
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On what occasions sacrificing ratio is used?
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State whether the following statements are true or false:
(i) Valid partnership can be formulated even without a written agreement between the partners;
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
(iii) Maximum number of partners can be 50;
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed;
(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate. - Q:-
State the meaning of Income and Expenditure Account.
- Q:-
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
- Q:-
If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?