Tag: final accounts of partnership firms
Questions Related to final accounts of partnership firms
In the absence of an agreement to the contrary, the partners are :
The Advance Ruling Authority shall comprise of
Interest on capital will be paid to the partners if provided for in the agreement but only from following _______________.
Interest on partners capital is___________.
If there is no partnership deed then interest on capital will be changed at p.a.______.
Nature of Revaluation Account is ___________.
A, a partner in a firm, is driving Rs.500 regularly on the 16th of every month. He will have to pay interest at the given rate in a year on Rs.6000 for the total period of __________.
A, B and C are partners in a firm. Though there is no provision in the partnership deed for interest on capital, this has been provided in the account @ 10% p.a. for the two years ended on 31 Dec., 2013. Their fixed capitals on which interest was calculated were throughout A Rs. 15,000, B Rs. 12,000 and C Rs. 9,000. Their profit sharing ratios were 2007 - 5:3:2 and 2008 - 2: 2: 1. The necessary adjustment entry will be made as:
Which of the following transactions is of capital nature?
Amount realization from the sale of private estate of partners is used first to pay off ___________________.