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Asked/Added Questions From NCERT:


Question 1. Asked on :06 October 2020:12:18:57 PM

Write the types of Drawings?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

1. Regular Drawings

2. Irregular Drawings

-Answered by nisha sheikh On 06 October 2020:12:26:48 PM


Question 2. Asked on :06 October 2020:12:16:29 PM

Write the meaning of Drawings against Profit?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

Drawings against capital means withdrawal by a Partner out of his or her capital. Interest on capital is allowed on the capital for the period it is used.Therefore, interest is not allowed ,i.e., paid on the amount of capital withdrawn.

-Answered by nisha sheikh On 06 October 2020:12:33:59 PM


Question 3. Asked on :06 October 2020:12:13:59 PM

Define Drawings?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

Drawings means the amount withdrawn, in cash or in kind, by partners for their personal use.

-Answered by nisha sheikh On 06 October 2020:12:41:06 PM


Question 4. Asked on :06 October 2020:12:11:26 PM

By Which Methods Partner's capital Accounts may be maintained?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh
Capital accounts of partners of a firm may be maintained by following two methods

(i) Fixed capital method and

(ii) Fluctuating capital method.

-Answered by nisha sheikh On 06 October 2020:03:23:05 PM


Question 5. Asked on :06 October 2020:12:07:51 PM

Write the features of Profit and Loss Appropriation Account?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh
Features of Profit and Loss Appropriation Account:

  1. It is an extension of the Profit and Loss Account.
  2. It is prepared only by the partnership Firms.
  3. It shows the appropriation of Net Profit or Loss for the Accounting period.
  4. Entries in this account are passed giving effect to the Partnership Deed.

-Answered by nisha sheikh On 07 October 2020:11:08:32 AM


Question 6. Asked on :06 October 2020:12:05:08 PM

 Write the Disadvantages of LLP?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

Disadvantages of LLP:

  • Any act of the partner without the knowledge of other partners may bind the LLP.
  • LLP cannot raise money from the public.
  • Venture capital firms generally prefer not to invest in LLPs. Private Limited is preferred over LLP.

-Answered by nisha sheikh On 07 October 2020:11:16:27 AM


Question 7. Asked on :06 October 2020:11:52:49 AM

Write some other Important Provisions of the Indian Partnership Act, 1932?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

Some other Important Provisions of the Indian Partnership Act, 1932: 

  1. If all the partners agree, a minor may be admitted for the benefit of partnership.                           [Sec. 30]
  2. A person may be admitted as a partner either with the contest of all the existing partners or in accordance with an express agreement among the partners.   [Sec. 31]
  3. Registration of the firm is optional and not compulsory.[Sec. 69]

-Answered by nisha sheikh On 07 October 2020:11:35:11 AM


Question 8. Asked on :06 October 2020:11:51:42 AM

 Is it essential to have a Partnerhip Deed?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

No, It is not essential but desirable to have a Partnership Deed. In case Partnership Deed does not exist, Provisions of the Indian Partnership Act, 1932 will apply. 

-Answered by nisha sheikh On 07 October 2020:11:44:50 AM


Question 9. Asked on :06 October 2020:11:46:58 AM

 Write any five Rights of Partners?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

  1. Right to take part in the Conduct of the Business.
  2. Right to be Consulted.
  3. Right to have Access to Books.
  4. Right to Share Profits.
  5. Right to Interest on Capital.

-Answered by nisha sheikh On 07 October 2020:12:21:13 PM


Question 10. Asked on :06 October 2020:11:45:03 AM

Write the essential features of Partnership?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

  1. Two or more Persons: There must be atleast two persons to form a Partnership.
  2. Agreement: Partnership comes into existence by an agreement, either written or oral.
  3. Lawful Business: A Partnership is established for a Lawful Business.

-Answered by nisha sheikh On 07 October 2020:12:10:39 PM


Question 11. Asked on :06 October 2020:11:26:30 AM

Write the meaning of Partnership?

-Added by nisha sheikh Accountancy » Accounting For Partnership Firms: Fundamentals

Answer:

nisha sheikh

Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all. 

-Answered by nisha sheikh On 07 October 2020:11:51:51 AM


 

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