Accounting Questions

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:

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under the capital account in case the partners' capitals are fixed?(A) Fresh capital introduced(B) Permanent capital withdrawn(C) Interest on capital(D) Amount of capital brought down from the previous yearChoose the correct answer from the options given below:

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: