Class 12 Accountancy - Chapter Accounting for Not-for-Profit Organisation NCERT Solutions | State the meaning of Income and Expendit

What is Capital Fund? How is it calculated?

What is subscription? How is it calculated?

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

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

State the meaning of Receipt and Payment Account.

What are the features of Receipt and Payment Account?

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

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

(i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;
(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.
(iv) Shyam wants interest on capital to be credited @ 6% per annum.

Identify various matters that need adjustments at the time of admission of a new partner.

What are the different ways in which a partner can retire from the firm?

State the accounting treatment at the time of dissolution of a firm for:
i. Unrecorded assets ii. Unrecorded liabilities

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.

Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?

Write the various matters that need adjustments at the time of retirement of partner/partners.

On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet.

What is sacrificing ratio? Why is it calculated?

How deficiency of crditors is paid off at the time of dissolution of firm.

Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.

On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet.

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?

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

How will you deal with a change in profit sharing ratio among existing partners? Take imaginary figures to illustrate your answer?

Illustrate how interest on drawings will be calculated under various situations.

What is meant by partnership? Explain its chief characteristics? Explain.

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.