Class 12 Accountancy - Chapter Reconstitution of a Partnership Firm - Retirement/Death of a Partner NCERT Solutions | Write the various matters that need adju

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

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.

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?

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?

Distinguish between firm’s debts and partner’s private debts.

On what occasions sacrificing ratio is used?

Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The profit for the year ended March 31, 2017 was Rs. 1,80,000, before paying rent for her personal building to be used as godown for firm to Reena payable at Rs. 5000 per month. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of Rs. 30,000 p.a. The drawings of partners were Rs. 30,000 and 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, Rs. 500.

Assuming that Reena and Raman are equal partners. State their share of profit after necessary appropriations.

On what account realisation account differs from revaluation account.

 Why it is considered desirable to make the  partnership agreement in writing.

What is meant by partnership? Explain its chief characteristics? Explain.

Explain why it is considered better to make a partnership agreement in writing.

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

How deficiency of crditors is paid off at the time of dissolution of firm.

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

How will you deal with a change in profit sharing ratio among existing partners? Take imaginary figures to illustrate your answer?

Illustrate how interest on drawings will be calculated under various situations.