Which of the following statements is definitely not true when there is no partnership deed?

Calculate interest on drawings of partner Madhav, if he draws Rs. 4500 at the begining of each quarter and the rate of interest on drawings is equal to the rate of interest on loan. Rate of interest on loan is the same, which should be allowed in the absence of partnership deed.

If there is insufficient profit, what should be the treatment of interest on capital?

The rent payable to the partner for the use of his building should be

In the absence of clear agreement, the excess amount of profit given to the partner for guaranteed profit will be borne by

Which of the following items should not appear in partner's capital account?

What is the nature of goodwill account?

Shivam and Rytham are partners with their capital amounts Rs. 2,00,000 and Rs. 3,00,000 respectively. As per partnership deed, they are allowed interest on capital @ 6% p.a. The firm earned a profit of Rs. 18,000 at the end of year. What should be the interest on capital amounts of Shivam and Rytham?

Somya, Rytham and Divesh are partners sharing profits in the ratio 3 : 2 : 1. Divesh is given the guarantee of his share of profit to be not less than Rs. 60,000 per year. The profit for the year is Rs. 3,00,000. How will the profit be divided among them?

Which of the following can be used to calculate net capital employed for calculation of goodwill?

Which of the following is not a method of calculating goodwill?

Manu and Hanu are partners. Manu contributed Rs. 1,00,000 on April 1 while Hanu contributed Rs. 50,000 on August 1 and Rs. 1, 00,000 on December 1. The profits on March 31 are to be divided in their capital contribution ratio. Calculate profit sharing ratio.

Which of the following items should be subtracted from the net profit to arrive at the figure of normal profits for the calculation of goodwill?

What should be the treatment of debit balance of profit and loss account appearing in the balance sheet at the time of admission of new partner?

The annual accounts have shown the following: Profit for 2010 = Rs. 50,000 (after charging loss on sale of machinery of Rs. 90,000) Loss for 2011 = Rs. 30,000 (after charging loss by fire of Rs. 1, 10,000) Profit for 2012 = Rs. 50,000 (after crediting profit on sale of investment of Rs. 30,000) Calculate the goodwill, which is valued at 4 years purchase of average 3 years' profits:

If the premium paid on joint life policy is considered as expense, it should be

If a partner dies, the amount on realisation of joint life policy will be

The book value of investment is Rs. 1, 20,000 and investment fluctuation fund is appearing at Rs. 15,000. The realisable value of investment is Rs. 1, 00,000. How to show this adjustment in revaluation account?

The debtors and provision for doubtful debts are appearing in the balance sheet at Rs. 2, 00,000 and Rs. 18,000 respectively. The firm decided to maintain provision in the books at 5% of debtors. How can it be shown in revaluation account?

Stock is appearing in the books at Rs. 36,000 and it is undervalued by 20%. How to treat it in the revaluation account?

A, B and C were partners sharing profits in the ratio 5 : 4 : 1. 'A' retired and new ratio was decided as 3 : 7. Goodwill of the firm was valued at Rs. 1, 20,000. What should be the journal entry?

A, B and C were partners sharing profits in the ratio 3 : 2 : 1. According to partnership deed, the share of profit on the death of partner is to be calcualated on the basis of sales and profit of previous year. A died after 3 months in the current year and sales till date was Rs. 2, 00,000. The sales and profit of previous year were Rs. 10, 00,000 and Rs. 3, 00,000 respectively. Calculate A's share in profit.

If the joint life policy is not appearing in the books and the firm decides not to show it in the books, what should be the treatment when A is retiring from the firm where A, B and C were partners sharing profits in the ratio 2 : 1 : 3. The policy is of Rs. 3, 00,000 and surrender value is Rs. 30,000?