Question:
Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :
Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :
Updated On: Mar 27, 2025
- A, C, B, E, D
- A, C, E, B, D
- B, C, D, E, A
- C, D, E, A, B
Hide Solution
Verified By Collegedunia
The Correct Option is A
Solution and Explanation
The correct option is (A) :A, C, B, E, D.
Was this answer helpful?
0
0
Top Questions on Partnership
- Bhawana and Vedika were partners in a firm sharing profits and losses in the ratio of 5:4. From 1st April, 2024 they decided to share future profits and losses in the ratio of 4:5. On this date, their balance sheet showed a debit balance of Rs 1,80,000 in Profit and Loss Account and a balance of Rs 6,30,000 in General Reserve. Partners decided to write off debit balance in Profit and Loss Account but decided not to distribute the General Reserve.
Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly. - Aakash and Baadal entered into partnership on 1st October 2023 with capitals of Rs 80,00,000 and Rs 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10 per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital, will not be less than Rs 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March 2024 amounted to Rs 13,00,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March 2024. \vspace{0.3cm} - Nandita and Prabha were partners in a firm. Nandita withdrew Rs 3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10 p.a. Interest on Nandita's drawings for the year ended 31st March, 2024 will be:
- Assertion (A): The maximum number of partners in a partnership firm is 50.
Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.
Choose the correct option from the following: - Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5:3. They admitted Maddy for \( \frac{1}{4} \)th share in future profits. Maddy brought Rs 8,00,000 as his capital and Rs 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2:1:1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal's capital was Rs 15,00,000 and Laura's capital was Rs 8,00,000. It was agreed that partners' capitals should be in proportion to their new profit sharing ratio taking Maddy's capital as base. The adjustment was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was:
View More Questions
Questions Asked in CUET exam
- In the given analogy, choose the word which will replace the question mark: NEGI : MVTR :: SING : ?
- A molecule X associates in a given solvent as per the following equation:
X ⇌ (X)n
For a given concentration of X, the van’t Hoff factor was found to be 0.80 and the
fraction of associated molecules was 0.3. The correct value of ‘n’ is:- CUET (UG) - 2024
- Solutions
- The corner points of the feasible region determined by $x + y \leq 8$, $2x + y \geq 8$, $x \geq 0$, $y \geq 0$ are $A(0, 8)$, $B(4, 0)$, and $C(8, 0)$. If the objective function $Z = ax + by$ has its maximum value on the line segment $AB$, then the relation between $a$ and $b$ is:
- CUET (UG) - 2024
- Linear Programmig Problem
- Let [x] denote the greatest integer function. Then match List-I with List-II:
![[x] denote the greatest integer function](https://images.collegedunia.com/public/qa/images/content/2024_11_04/image_3332f69a1730710196731.png)
- CUET (UG) - 2024
- Continuity and differentiability
- Who, of the following, defined Human Geography as “Conception resulting from a more synthetic knowledge of the physical laws governing our earth and of the relations between the living beings which inhabit it”?
(1) Ratzel
(2) Blache
(3) Taylor
(4) Semple- CUET (UG) - 2024
- Introduction to Human Geography
View More Questions