Name the table which is an interactive way to quickly summarize large amounts of data. State its any five advantages
The table which is an interactive way to quickly summarize large amounts of data is Pivot table
Advantages of Pivot Table are:
i. User friendly
ii. Focus on results
iii. Multiple summarisation of data
iv. Filtering, sorting, grouping etc. Makes it possible to focus on information.
v Presenting concise, attractive and annotated online or printed reports.
vi Analysis of related tables is facilitated (with suitable explanation)
What is Capital Fund? How is it calculated?
What is sacrificing ratio? Why is it calculated?
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
What is subscription? How is it calculated?
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating.
Why is Profit and Loss Adjustment Account prepared? Explain.
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?
Why it is considered desirable to make the partnership agreement in writing.
On what occasions sacrificing ratio is used?
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating.
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
Write the various matters that need adjustments at the time of retirement of partner/partners.
What is Capital Fund? How is it calculated?
Give two circumstances under which the fixed capitals of partners may change.
Why is Profit and Loss Adjustment Account prepared? Explain.
Define Partnership Deed.
What is sacrificing ratio? Why is it calculated?
Reproduce the format of Realisation Account.
State the meaning of ‘Not- for- Profit’ Organisations.