A and B are partner’s sharing profit equally. A draw regularly Rs. 4,000 at the end of every month for 6 months. Year ended on 30thSeptember 2018, calculate interest on drawings @ rate 5% p.a.

The relation of the partner with the firm is that of

As per section a minor may be admitted for the benefit of the partnership if:-

In the absence of partnership deed partner share profit and loss in

Salary to a partner under fixed capital account is credited to

A,B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84,000.

Calculate the amount of Profit or Loss transferred to the capital A/c of B.

Which one of the following items is recorded in the Profit and Loss appropriation account

Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in

If Goodwill is Rs. 1,20,000, Average Profit is Rs. 60,000 Normal. Rate of Return is10% on Capital Employed Rs. 4,80,000. Calculate capitalized value of the firm:-

Super profit can be calculated:-

what is the journal entry for creating Reserve ?

if a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total drawing will be calculated?

which of the following are shown on the debit side of current account ( u can tick more than one option)

a capital account can never have a debit balance

Under which capital method, two accounts are prepared

A & B are partners, their firm charges interest on drawing @10%. Be draws 1000 at the beginning of every month. what will be Average period for which IOD will be calculated

A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were:

A and B are partners in a firm , they are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in :

following are essential elements of a partnership firm except:

As per the companies act 2013, what is the maximum number of partners in firm

which of the following items can not be recorded in the P & L appropriation a/c

In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

It is mandatory to have a written partnership aggreement.

Accounting rules for partnership are governed by the partnership act of

A, B and C are partners sharing profits in the ratio of 4 : 3 : 2 decided to share profits equally. Goodwill of the firm is valued at ? 10,800. In adjusting entry for goodwill :

A, B and C are partner sharing profits in the ratio of 1 : 2 : 3. On 1-4-2019 they decided to share the profits equally. On the date there was a credit balance of ? 1,20,000 in their Profit and Loss Account and a balance of ? 1,80,000 in General Reserve Account. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjustment entry to give effect to the above arrangement:

X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1. They decided to share future profits equally. The Profit and Loss Account showed a Credit balance of ₹60,000 and a General Reserve of ₹30,000. If these are not to be shown in balance sheet, in the journal entry :

Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called

A, B and C are partners sharing profits in the ratio of 4 : 3 : 2 decided to share profits equally. Goodwill of the firm is valued at ? 10,800. In adjusting entry for goodwill :

Total Capital employed in the firm is ₹8,00,000, reasonable rate of return is 15% and Profit for the year is ₹12,00,000. The value of goodwill of the firm as per capitalization method would be :

Under the capitalisation method, the formula for calculating the goodwill is :

The net assets of a firm including fictitious assets of ₹5,000 are ₹85,000. The net liabilities of the firm are ₹30,000. The normal rate of return is 10% and the average profits of the firm are ₹8,000. Calculate the goodwill as per capitalisation of super profits.

Capital employed by a partnership firm is ₹5,00,000. Its average profit is ₹60,000. The normal rate of return in similar type of business is 10%. What is the amount of super profits?

The Goodwill of the firm is NOT affected by :

When Goodwill is not purchased goodwill account can :

Goodwill is an..

A and B were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st January 2019 they agreed to share profits and losses equally. Individual partner’s gain or sacrifice due to change in the ratio will be :

Goodwill is _____

Goodwill is _____

Goodwill of the firm on the basis of 2 years' purchase of average profit of the last 3 years is Rs. 25,000. Find average profit.