State the meaning of Receipt and Payment Account.
Receipt and Payment Account gives a summarised picture of various receipts and payments, irrespective of whether they pertain to the current period, previous period or succeeding period or whether they are of capital or revenue nature.
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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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?
Why it is considered desirable to make the partnership agreement in writing.
What is Capital Fund? How is it calculated?
Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
Reproduce the format of Realisation Account.
What are the different ways in which a partner can retire from the firm?
What is a Realisation Account?
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
State the meaning of Income and Expenditure Account.
State the difference between dissolution of partnership and dissolution of partnership firm.