Class 12 Accountancy - Chapter Accounting for Not-for-Profit Organisation NCERT Solutions | State the meaning of ‘Not- for- Pr

What is Capital Fund? How is it calculated?

What is subscription? How is it calculated?

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

State the meaning of Income and Expenditure Account.

State the meaning of Receipt and Payment Account.

What are the features of Receipt and Payment Account?

State the difference between dissolution of partnership and dissolution of partnership firm.

Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

(i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;
(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.
(iv) Shyam wants interest on capital to be credited @ 6% per annum.

Identify various matters that need adjustments at the time of admission of a new partner.

What are the different ways in which a partner can retire from the firm?

State the accounting treatment at the time of dissolution of a firm for:
i. Unrecorded assets ii. Unrecorded liabilities

State whether the following statements are true or false:

(i) Valid partnership can be formulated even without a written agreement between the partners;
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;
(iii) Maximum number of partners can be 50;
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed;
(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner;
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.

Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?

Write the various matters that need adjustments at the time of retirement of partner/partners.

On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet.

What is sacrificing ratio? Why is it calculated?

What are the different ways in which a partner can retire from the firm?

Define Partnership Deed.

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

On dissolution, how will you deal with partner’s loan if it appears on the
(a) assets side of the balance sheet, (b) liabilities side of balance sheet.

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

State the order of settlement of accounts on dissolution.

If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?

Why is Profit and Loss Adjustment Account prepared? Explain.

State the difference between dissolution of partnership and dissolution of partnership firm.

Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.