Accounting Questions

A Partnership Deed must be systematically structured, drafted, and prepared in absolute accordance with the legal provisions of:

A, B, and C share profits and losses in the ratio of $3:2:1$. They decide to share profits and losses equally in the future. On that date, a General Reserve of $\text{Rs. }60,000$ appears in their books, and Goodwill is valued at $\text{Rs. }1,20,000$. If the partners prefer not to disturb the General Reserve figure in the books, what adjustment entry must be passed?

Arrange the steps for preparing a Profit and Loss Appropriation Account in the correct sequential order:(A) Transfer the net profit to the credit side of the P&L Appropriation A/c.(B) Divide the remaining divisible profit among partners in their Profit Sharing Ratio.(C) Ascertain the net profit after providing for all charges against profit.(D) Debit the P&L Appropriation A/c with all appropriations (e.g., partner's salary, interest on capital).(E) Credit the P&L Appropriation A/c with interest on drawings and any deficiency on account of a partner's guarantee of earnings to the firm.Choose the correct answer from the options given below:

Calculate manager's commission at $10\%$ on Net profit, if the Divisible profit of a firm is $\text{Rs. }10,000$, salary to partners is $\text{Rs. }3,000$ and Interest on drawings is $\text{Rs. }2,000$.

When a fixed amount is withdrawn at the end of each quarter, interest on drawings will be calculated for _______

Locker Rent Received during the year by a club is $\text{Rs. }17,050$. Locker rent $\text{Rs. }3,050$ outstanding for the previous year and $\text{Rs. }1,500$ outstanding for the current year.The amount to be shown in Income and Expenditure is:

Identify the treatment of Government Grant received from the government from the following:

Outstanding Salaries for the current year is shown:A. In the Opening Balance Sheet, as an assetB. In the Closing Balance Sheet, as an assetC. In the Income and Expenditure A/c by adding to the expense 'salary'D. In the Closing Balance Sheet, as a liabilityChoose the correct answer from the options given below:

Show the following information in financial statements of a Non-Profit Organisation:

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

Calculate the amount of subscription to be shown in the Income and Expenditure A/C for the year ending 31st March 2022:Subscription received during the year 2021-22: $\text{Rs. }1,00,000$ Outstanding subscription for the year 2020-21: $\text{Rs. }10,000$ Outstanding subscription for the year 2021-22: $\text{Rs. }20,000$ Subscription received in advance in 2020-21: $\text{Rs. }5,000$ Subscription received in advance in 2021-22: $\text{Rs. }4,000$

Identify a characteristic not applicable in partnership:

Which section of the Indian Partnership Act, 1932 defines the term "Partnership"?

Which of the following is the feature of fluctuating capital:

Which of the following is correct?The important provision affecting partnership accounting, in the absence of a partnership deed is:

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.What is the amount of T's deficiency in profits?

Case StudyRead the following information to answer.Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. $2,00,000$ and Rs. $1,50,000$ respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. $2,20,000$. Ram is allowed a salary of Rs. $2,000$ per quarter and interest on capital @ $10\%$ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for $\frac{1}{5}$ share in profits. It was agreed that Sanjeev will bring Rs. $1,00,000$ as capital and Rs. $50,000$ as his share of Goodwill. It was decided that he will give Rs. $1,00,000$ as loan to the firm for 3 years.Rate of Interest on loan given by Sanjeev will be:

Accounting treatment for a partnership firm is similar to that of a sole proprietorship business except the following aspects:(A) Distribution of Profit and Loss among the partners(B) Dissolution of Partnership Firm(C) Raising Capital through public offering(D) Adjustments for Wrong Appropriation of Profits in the PastChoose the correct answer from the options given below:

Match List-I with List-II if the partnership deed is silent regarding the items provided in List-I:List-IList-II(A) Interest on Capital(I) to be shared equally(B) Interest on Loan(II) not charged(C) Interest on Drawings(III) not payable(D) Sharing of Profits(IV) @6% p.a.Choose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Profit and Loss adjustment A/c(I) Changes in amount of capital(B) Profit and loss appropriation A/c(II) Generally no change in amount of capital(C) Fixed capital A/c(III) Errors and omissions found after preparation of final A/c(D) Fluctuating capital method(IV) Extension of Profit & loss A/cChoose the correct answer from the options given below:

In a partnership firm, partners share profit and loss in the ratio of $3:2$. If the firm incurred a loss of $\text{Rs. }10,000$ during the year, then calculate the amount of loss to be shared by partners.

Identify which of the following expenses/allocations are classified as "Appropriations out of Profits" rather than charges against profits:(A) Rent paid to partners(B) Interest on capital(C) Salary paid to partners(D) Commission allowed to partnersChoose the correct answer from the options given below:

Ram and Laxman started business on 1st Jan 2020 with a capital of $\text{Rs. }1,20,000$ and $\text{Rs. }80,000$ respectively. Ram introduced $\text{Rs. }50,000$ to the firm on 1st July 2020 as additional capital. If the rate of interest is $15\%\text{ p.a.}$, assuming that accounts are closed as per calendar year, then the Interest payable to Ram on Capital would be:

The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.

Which from the following is not a feature of a partnership firm?

Which of the following facts are related to modes of reconstitution of a partnership firm.(A) Admission of a new partner(B) Dissolution of a partnership firm(C) Death of a partner(D) Change in the profit sharing ratio among the existing partners(E) Retirement of a partnerChoose the correct answer from the options given below:

The Central Government has prescribed the maximum number of partners in a firm to be _______

Under the fixed capital method of a partnership concern, which two accounts are maintained for each partner?

A and B are partners in a firm with fixed capitals of $\text{Rs. }4,00,000$ and $\text{Rs. }5,00,000$ respectively. After preparing the final accounts, it was discovered that interest on capital @ $10\%\text{ p.a.}$ as provided in the partnership deed was omitted. To rectify this error through an adjustment entry, A's Current Account should be:

Amitabh and Babul are partners sharing profits in the ratio of $3:2$, with capitals of $\text{Rs. }50,000$ and $\text{Rs. }30,000$ respectively. Interest on capital is agreed @ $6\%\text{ p.a.}$ Babul is to be allowed an annual salary of $\text{Rs. }2,500$. Manager is to be allowed commission $\text{Rs. }5,000$. Amitabh has also given a loan on April 01, 2019 of $\text{Rs. }50,000$ to the firm without any agreement. During the year 2019-20, the profits earned is $\text{Rs. }22,250$. What amount of profit will be transferred to Profit and Loss Appropriation account :

Case StudyRead the following information to answer.Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. $2,00,000$ and Rs. $1,50,000$ respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. $2,20,000$. Ram is allowed a salary of Rs. $2,000$ per quarter and interest on capital @ $10\%$ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for $\frac{1}{5}$ share in profits. It was agreed that Sanjeev will bring Rs. $1,00,000$ as capital and Rs. $50,000$ as his share of Goodwill. It was decided that he will give Rs. $1,00,000$ as loan to the firm for 3 years.Interest on capital will be shown on the Dr. side of Profit and Loss Appropriation A/c and ________ side of Partner's ________ A/c.

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.What is the amount of A's deficiency of annual fee?

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.What is the amount of profit to be credited to A's Capital account?

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.In which ratio the deficiency of T will be borne by A & V.

Gitansh withdrew Rs. $5000$ pm at the end of every month for ten months. Interest on drawing is charged @ $10\%$ p.a. Gitansh's interest on drawings is :

Which of the following entries correctly records the withdrawal of excess capital by a partner?

Net loss of a firm as per the Profit and Loss Account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika, and Vidushi are partners, sharing profits and losses in the ratio of $2:2:1$. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000, and Vidushi Rs. 3,50,000. On the basis of the above information, select the correct journal entry to distribute the loss:

$X$ and $Y$ are partners sharing profits in the ratio $3:2$. The capitals introduced by $X$ and $Y$ are ₹ $1,00,000$ and ₹ $5,00,000$ respectively. Interest on capital is allowed to partners $@10\%\text{p.a.}$ The net profit of the firm for the year ending March 31st, 2025 is ₹ $30,000$. Calculate the amount of Interest on Capital to be allowed to each partner.

If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. $2,60,000$ and surplus earned is Rs. $85,000$, then total expenditure incurred will be:

If a uniform amount of capital is systematically withdrawn by a partner at the end of each quarter, interest on the total aggregate yearly drawings is computed across an average timeline of:

Match List I with List II regarding partnership parameters:List IA. Interest on capitalB. Gaining RatioC. Sacrificing ratioD. Revaluation of Assets and LiabilitiesList III. Admission of partnerII. Profit/Loss in the old profit sharing ratioIII. Continuing partnersIV. When partnership deed specifically provides for itChoose the correct answer from the options given below:

Which of the following statement is incorrect?

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

Arrange the following in sequence of the final Accounts for a Partnership firm.(A) Profit and Loss Account(B) Partner's Capital Account(C) Trading Account(D) Balance Sheet(E) Profit and Loss Appropriation AccountChoose the correct answer from the options given below:

M and N are partners in a firm and agree that an interest $@12\%$ per annum should be charged on drawings. M draws $\text{Rs. }20,000$ per month at the beginning of each month. The amount of interest to be charged from M is:

In the case of guarantee of profit, the sequence of steps to be followed are:(A) Divide the profit in the given ratio.(B) Prepare profit and loss appropriation account as usual.(C) Deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.(D) Find the deficiency.Choose the correct answer from the options given below:

Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :share of profit transferred to Capital A/c's of partners :Ram Rs. $7,000$ Shyam Rs. $3,500$ Interest on capital :Ram Rs. $1,500$ Shyam Rs. $500$ Interest on Drawings :Ram Rs. $300$ Shyam Rs. $200$ Ram's salary Rs. $1,000$

A firm earns a profit in last three years as follows:2020 - 21 Rs. 75,0002019 - 20 Rs. 1,20,0002018 - 19 Rs. 50,000Additional Information:Closing stock of 2020 - 21 was undervalued by Rs. 10,000.Calculate the Average Profit.

Select the necessary conditions required for computing interest on drawings using the Average Period Method:A. Equal amount of drawingsB. Fixed intervals between drawingsC. Varying amounts of drawingsD. Different intervals between drawingsE. Presence of an agreed Rate of InterestChoose the correct answer from the options given below:

The contents of a Partnership Deed include which of the following?A. Names and addresses of all partnersB. Method for settlement of disputes among partnersC. A mandate stating the deed once made cannot be altered under any scenarioD. Rules regarding the operation of the firm's Bank accountE. A rule that only verbal agreements between partners qualify as a formal deedChoose the correct answer from the options given below:

Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be:

Match List I with List II:\begin{tabular}{|l|l|}\hline\textbf{LIST I} & \textbf{LIST II} \ \hlineA. Only Capital A/c exists & I. Credited to partner's capital account \ \hlineB. Capital account balance remains unchanged & II. Debited to Partner's Capital Account \ \hlineC. Fresh/additional capital brought in by partner & III. Fixed Capital Account \ \hlineD. Permanent withdrawal of capital & IV. Fluctuating Capital Account \ \hline\end{tabular}Choose the correct answer from the options given below:

Identify the required condition under which the clauses of a partnership deed can be modified or altered.

It is the amount-paid to the person who is not the regular employee of the institution.

________ is the amount received as per the will of a deceased person.

If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 10% (Wait, source implies calculation gives specific normal profit, let's use 8%). Fair rate of return was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is?

Which statements are true about partnership operations under Indian framework?(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.(B) A valid partnership can be formulated even without a written agreement between the partners.(C) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate.(D) The maximum number of partners can be 50 in a firm.Choose the correct answer from the options given below:

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all." Which core feature of partnership does this statement indicate?

How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. $12,25,000$, Expenditure incurred Rs. $10,80,000$, Total estimate Rs. $25,00,000$.

Match List-I with List-II:List-IList-II(A) Admission of a partner(I) Executor Accounts(B) Retirement of a partner(II) Sacrificing Ratio(C) Death of a partner(III) Realisation Account(D) Dissolution of a firm(IV) Gaining RatioChoose the correct answer from the options given below:

If partnership deed is silent on the profit sharing ratio and other provisions: interest @_____ per annum is allowed on loans advanced by partners:

From the following information, identify when goodwill is required to be calculated.(a) Admission of a Partner(b) Amalgamation of partnership firms(c) Dissolution of partnership firm(d) Retirement and Death of any partner(e) Preparation of Balance sheetChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $12,000$ drawn on June 01, 2019.

M and R are partners sharing profits and losses in the ratio of $3:2$. Their capital A/c's showed the balance of Rs. $4,00,000$ and Rs. $3,00,000$ respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ $6\%$ p.a. Total interest on capital of both the partners is Rs. $50,000$.Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

Arrange the following in a sequence, in which they will be utilize for the payment of losses:(A) Out of capital of partners.(B) Out of profits.(C) By the partners individually in their profit sharing ratio.Choose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $3,000$ drawn on September 30, 2019.

From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. $12,00,000$ Profit credited to C for the year ended 31/3/2022: Rs. $3,00,000$ Drawings made during the year: Rs. $1,00,000$ Additional Capital introduced on 1/10/21: Rs. $5,00,000$ Rate of Interest = $12\%$ p.a.

Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given.Calculate the amount of Stationery to be shown in Income and Expenditure A/c.Payments for Stationery: Rs. $23,000$
Additional Information:

Match the concepts in List I with the events in List II:List IList IIA. When a new partner joins the partnershipI. Compulsory dissolutionB. When an existing partner leaves the partnershipII. Admission of a partnerC. When the business of a firm becomes illegalIII. Prepared in the case of death of a partnerD. Executor's AccountIV. Retirement of a PartnerChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: The total cumulative amount of interest on drawings charged to the partner for the year will be:

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:(i) Interest on partners’ capital @ 5% p.a.(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.What is the amount of profit to be credited to V's Capital account?

The capital accounts of partners will always show a ____ balance under fixed capital account method

Which of the following are shown under the capital account in case the partners' capitals are fixed?(A) Fresh capital introduced(B) Permanent capital withdrawn(C) Interest on capital(D) Amount of capital brought down from the previous yearChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $6,000$ drawn on January 31, 2020.

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate interest on drawings specifically for the amount of Rs. $7,000$ withdrawn on November 30, 2019.

If Amit, a partner, withdrew Rs. $10,000$ per month in the end, what will be the amount of interest on drawing if it is calculated @ $8\%$ p.a.?

A and B are partners, sharing profits equally. Their fixed capitals were Rs. 2,00,000 and Rs. 3,00,000 respectively. Interest on capital as provided under the partnership deed @10% p.a. was omitted. Select the correct option to perform the rectification adjustment:

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.A. If it is appropriation, calculate interest on capital for all partners at given rateB. Divide the available amount in the capital ratio among the partnersC. Calculate ratio between capital of partnersD. Consider the partnership deed and decide whether interest on capital is a charge or an appropriationE. Consider the available profit Choose the correct answer from the options given below:

Ram, one of the partners, has withdrawn ₹ $1,00,000$ from the business for personal use. If the rate of interest charged on drawings is $12\%\text{p.a.}$, find the total amount of interest on drawings to be charged from Ram:

Match List - I with List - II.List - I ||| List - II(A) Interest on loan ||| (I) Current Account(B) Fixed capital ||| (II) Charge Against Profit(C) Fluctuating capital ||| (III) Capital Account(D) Interest on capital ||| (IV) Appropriation of ProfitChoose the correct answer from the options given below :

The Central Government, via the Companies (Miscellaneous) Rules, 2014, has prescribed the maximum permissible limit of partners in a single partnership firm to be:

In which of the following cases is the claim legally valid if the partnership agreement/deed is completely silent?

There is a practical need for the valuation of a firm's goodwill under which of the following cases?(A) Admission of a new partner(B) Retirement of an existing partner(C) Dissolution of a firm involving the sale of the business as a going concern(D) Amalgamation of partnership firmsChoose the correct answer from the options given below:

In partnership, a minor can be partner:

When the date of drawing is not specified, interest on drawings is calculated for:

__________ is/are not true with regard to Limited liability partnership.(A) Separate Legal entity(B) Unlimited liability for one partner(C) Indian Partnership Act, 1932 is applicable(D) Perpetual Succession(E) Unlimited liability of partnersChoose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Admission of a New Partner(I) Realisation Account(B) Retirement of a Partner(II) Sacrificing ratio(C) Dissolution of Partnership(III) Executors Account(D) Death of A Partner(IV) Gaining RatioChoose the correct answer from the options given below:

As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. $2,50,000$, subscriptions outstanding on 1-04-2019 Rs. $50,000$, Subscriptions received in advance as on 31-3-2020 are Rs. $30,000$. Subscriptions for the year 2019-20 will be:

Choose the correct statement if a partnership deed does not exist.

In the absence of a partnership deed which of the following are correct.(A) Profit sharing ratio will be on the basis of capital contributed by the partners(B) No interest on capital will be provided(C) No interest on Drawing will be charged(D) $6\%$ p.a. interest on partner's loan will be provided(E) Partner will get salary for extra time devoted for the firmChoose the correct answer from the options given below:

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of $2:2:1$. Their fixed capitals on April 01, 2018 were: Yadu $\text{Rs. }5,00,000$, Madhu $\text{Rs. }4,00,000$ and Vidu $\text{Rs. }3,50,000$.As per the partnership deed, partners are entitled to interest on capital $@5\%\text{ p.a.}$ and Yadu has to be paid a salary of $\text{Rs. }2,000$ per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to $\text{Rs. }75,000$. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

Identify the right combination of type of Account in making Final Accounts of Partnership Firm.(a) Profit and Loss A/C(b) Profit and Loss Suspense A/C(c) Profit and Loss Appropriation A/C(d) Profit and Loss Adjustment A/C(e) Partners' Capital A/CsChoose the correct answer from the options given below:

Salary payable to a partner is presented in which of the following accounts?

Match List I with List II in context of not having partnership deed.LIST IA. Interest on loanB. Interest on drawingsC. SalaryD. Profit sharing ratioLIST III. EqualII. Will not be chargedIII. @ $6\%$ p.a.IV. Will not be allowed/providedChoose the correct answer from the options given below:

Identify the steps in preparation of final accounts of not for profit organisation (NPO)A. Prepare Balance Sheet of NPOB. Prepare Income and Expenditure Account from Receipts and payment AccountC. Prepare Receipts and payment AccountD. Adjust outstanding/prepaid expenditure/Income and determine surplus/ DeficitE. Prepare cash bookChoose the correct answer from the options given below:

Sudhir and Vimal came into partnership with profit sharing ratio of $3:2$. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions.Due to break down of Covid 19, business suffered a loss of $4,00,000$. State the amount of loss to be borne by Sudhir.

Match List I with List II

Choose the correct answer from the options given below:

Ravi, one of the partners, provided a loan of $\text{Rs. }1,00,000$ to the firm. In the absence of a partnership deed, interest on this partner's loan is allowed at what rate?

For distributing profits made during a financial year among partners, which account is debited?