Chapter

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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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?

In the absence of Partnership deed, specify the rules relating to the following :

(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.

Give two circumstances under which the fixed capitals of partners may change.

On what account realisation account differs from revaluation account.

State the meaning of ‘Not- for- Profit’ Organisations.

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

State the difference between dissolution of partnership and dissolution of partnership firm.

Define Partnership Deed.

What is a Realisation Account?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.