Why is Profit and Loss Adjustment Account prepared? Explain.

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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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

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?

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

Define Partnership Deed.

What is sacrificing ratio? Why is it calculated?

What is Capital Fund? How is it calculated?

Reproduce the format of Realisation Account.

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

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

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

What is a Realisation Account?

State the order of settlement of accounts on dissolution.

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