As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below:

Match List-I with List-II List-I | List-II (A) Unregistered Debentures | (I) Perpetual Debentures (B) Unsecured Debentures | (II) Naked Debentures (C) Secured Debentures | (III) Bearer Debentures (D) Irredeemable Debentures | (IV) Mortgage Debentures Choose the correct answer fro…

The Profit on reissue of forfeited shares is transferred to-

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

On the admission of a new partner increase in the value of assets is debited to:

Balance of share forfeiture account is shown in the balance sheet under the sub-head-

Which of the following statements are correct about partnership- (A) Each partner carrying on the business is the principal as well as the agent for all the other partners (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the part…

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:

Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm - (A) The balance should be applied to repay loans made by the partners to the firm. (B) The assets of the firm should be used in paying…