State the meaning of Income and Expenditure Account.

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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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

What is subscription? How is it calculated?

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

Define 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.

Why is Profit and Loss Adjustment Account prepared? Explain.

 Why it is considered desirable to make the  partnership agreement in writing.

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

What is sacrificing ratio? Why is it calculated?

Explain the process dissolution of partnership firm?

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