A, B, and C are partners sharing profits in the ratio of $ 5:3:2.$ They decide to share the future profits in the ratio of 2:3:5 with effect from $1st$ April, 2018. What will be accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no information is available for the same?

X, Y and Z are partners sharing profits in the ratio of $ 5:3:2.$ They decide to share future profits in the ratio of $2:3:5$ with effect from $1^{st}$ April, $2018$ . They also decide to record the effect of following revaluation without affecting the book values of assets and liabilities, by passing single adjusting entry :

The necessary single adjustment entry will be:

A and B enter into a joint venture sharing profits and losses equally. A purchased 5000 kg of rice @ Rs. 25/kg. B purchased 1000 kg of wheat @Rs. 30/kg. A sold 1000 kg of wheat @ Rs. 35/kg and B sold 5000 kg of rice @ Rs. 30/kg. The profit on venture will be :

Where will you record interest on drawings in the final accounts of the firm ? 

X, Y and Z are partners in a firm.At the time of division of profit for the year there was dispute among the partners.Profits before interest on partner's capital was Rs.10,000 and X wanted interest on capital at 20% as his capital contribution was Rs.1,00,000 as compared to that of Y and Z which was Rs.75,000 and Rs.50,000 respectively. Find the solution ______________________________.

A and B are partners sharing profits and losses in the ratio of 3 : 2 having the capital of Rs.80,000 and Rs.50,000 respectively. They are entitled to 10% p.a interest on capital before distributing the profits.During the year firm earned Rs.17,800 before allowing any interest on capital.Profits appointed among them excluding interest will be ____________________.

A and B are partners with the capital of Rs.20,000 and Rs.10,000 respectively. Interest payable of capital out of profit is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs.2,400.

A and B are partners sharing profits and losses in the ratio 4 : 1. C was manager who received the salary of Rs.2,000 p.m. in addition to a commission of 5% on net profits after charging such commission.Profit for the year is Rs.3,39,000 before charging salary. Find the total remuneration of C.

The profits of last five years are Ra.75,000, Rs.90,000; Rs.80,000; Rs.1,00,000 and Rs.80,000.Find the value of goodwill, if it is calculated on average profits of last five years on the basis of 3 years of purchase.

Rent paid on 1 October, 2004, for the year to 30 September, 2005, was Rs.2,400, rent paid on 1 October, 2005 for the year to 30 September, 2006, was Rs.3,200. Rent payable, as shown in the profit and loss account for the year ended 31 December 2005, would be : 

A, B and C were partners in a firm sharing profits and losses in theratio of 2 : 2 : 1 respectively with the capital balance of 50,000 for A and B, for C 25,000. B declared to retire from the firm and balance in reserve on the date was 15,000 if goodwill of the firm was valued as 30,000 and profit on revaluation was 7,050, then what amount will be transferred to the loan account of B?

A, B and C were partners in a firm sharing profits and losses in the ratio of 2 :2 :1 respectively with the capital balance of Rs. 50,000 for A, Rs. 70,000 for B,for C Rs. 35,000. B declared to retire from the firm and balance in reserve on the date was Rs. 25,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,500, then what amount will be payable to B?

C, D and E are partners sharing profits and losses in the proportion of 3 :2 :1. D retired and the new profit sharing ratio between C and E is 3 :2 and the Reserve of Rs. 24,000 will be divided among the partners.

Cost of abnormal wastage is _________________.

The liability of a partner in profit is ________.

In the case of loss to any party caused by a partner due to negligence or tort the loss shall be borne by ___________________.

In the case of loss caused by fraud or misrepresentation made by a partner the same shall be borne by ______________.

Which of these is not an implied authority of a partner in the absence of any specific provisions in the partnership deed _____________________.

Partner share profit or loss _______________.

Which of these provisions are found in Partnership Act regarding sharing of profit and loss by partners ? 

The right to indemnity is lost on ___________________.

P and Q are two partners sharing profit and loss equally. P draws Rs. 2,000 at the end of each month for 6 months whereas Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of Q will be.

P and Q are two partners sharing profit and loss equally. P draws Rs. 2000 at the end of each month for 6 months whereas Q draws Rs. 1,000 at the beginning of each month for six months. Assuming that interest on drawing is to be charged at 6% p.a. Interest on drawing of P will be __________.

Bill and Monica are partners sharing profits and losses in the ratio of $3:2$ having the capital of Rs. $80,000$ and Rs. $50,000$ respectively. They are entitled to $9\%$ p.a. interest on capital before distributing the profits. During the year firm earned Rs. $7,800$ before allowing any interest on capital. Profits apportioned among Bill and Monica is?

State with reasons whether the following statement is true or false:
Loss of stock is said to be abnormal loss when such loss is due to inherent characteristics of the commodities.

Interest on capital is given from profit and loss appropriation account to a partner __________________.

X and Y are partners sharing profit and loss at the ratio of 1/3 and 2/3 respectively. The net income for this accounting period is Rs 10,000 while salary of X = Rs 2,000, interest on Y's drawings = Rs 3,000 and interest on X's capital = Rs 2,000. What is the X's share of profit or loss after the adjustment for partner's salary, interest on capital and interest on drawings?

X, Y and Z are sharing profits & losses in the ratio of 5:3:2. They decide to share future profits & losses in the ratio of 2:3:5 with effect from 1st April. They also decide to record the effect of following revaluations without affecting the book values of the assets & liabilities, by passing a single adjusting entry:

The necessary single adjusting entry will involve:

X, Y and Z are partners sharing profits & losses in the ratio of 5:3:2. From 1st April they decide to share profits and losses in the ratio of 2:5:3. The Partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at two years' purchase of the average profits of the preceding 5 years. The profits and losses of the preceding years are:
i. Profit Rs 39,000,
ii. Profit Rs 57,000,
iii. Profit Rs 24,000,
iv. Profit Rs 27,000,
v. Loss Rs 12,000.
The necessary single adjusting entry will involve:

Which of the following does not appear in the Profit & Loss Appropriation Account? 

Which of the following appear in the Profit & Loss Appropriation Account? 

When Profit & Loss Appropriation Account is prepared? 

A and B are Partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During 2016, the profits of the year prior to calculation of interest on capital but after charging B's salary amounted to Rs. 12,500. Calculate the amount of profits to be distributed to A and B after the above effect.

Which of the following would not be found in a partnership appropriation account?