12th Acc partnership fundamentals

Accounting rules for partnership are governed by the partnership act of

It is mandatory to have a written partnership aggreement.

following are essential elements of a partnership firm except:

In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

A and B are partners in a firm , they are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in :

A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were:

which of the following items can not be recorded in the P & L appropriation a/c

A & B are partners, their firm charges interest on drawing @10%. Be draws 1000 at the beginning of every month. what will be Average period for which IOD will be calculated

As per the companies act 2013, what is the maximum number of partners in firm

Under which capital method, two accounts are prepared