Accounting Questions

If the partnership deed is silent on interest on capital, then:

Which of the following is not a feature of partnership?

A partnership deed usually doesn't contain the following details:

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:

Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same?

Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending March 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?

Which among the following is not a feature of the fixed capital method by which the capital accounts of partners can be maintained?

Which of the following is the feature of fluctuating capital?