IGCSE Accounting Paper-1: Specimen Questions with Answers 193 - 195 of 338

Get unlimited access to the best preparation resource for Bank-PO : get questions, notes, tests, video lectures and more- for all subjects of Bank-PO.

Passage

Rahul and Husain are agreed to form the partnership from 1 April 2014 to sell Furnitures.

Question 193 (2 of 3 Based on Passage)

Edit

Describe in Detail

Essay▾

Mention the clauses in partnership deed.

Explanation

Every partnership deed should contain the following clauses:

  1. Name of the firm and nature of the business
  2. Name and addresses of the partners.
  3. The duration, if any, of partnership firm.
  4. The total capital of the firm and the share of each partner.
  5. The ratio of sharing profits and losses
  6. Whether capitals are to be fixed or fluctuating
  7. Rate of interest on advances
  8. The audit of the accounts
  9. Admission of new partners and expulsion of the existing ones.
  10. The amount of salaries or some allowance, if any, payable to the partners.
  11. The method of ascertaining the share of goodwill of a partner on his retirement or death.
  12. The period after which the final accounts are to be prepared.

Question 194 (3 of 3 Based on Passage)

Edit

Write in Short

Short Answer▾

State the rules applicable in the absence of partnership deed.

Explanation

  1. Profit sharing ratio
  2. Interest on Loan
  3. Interest on Capital
  4. Salary to partners
  5. Interest on Drawings.

Passage

Mr. Shah have the following transaction in the month of April 2015:

Mr. Shah Have the Following Transaction in the Month of April 2015
April
1Shah started business with cash $ 20000
2Cash purchases $ 5000
3Goods sold to Naresh on credit $ 4500
4Paid carriage $ 1000
5Purchases by cheque $ 6000

Question 195 (1 of 4 Based on Passage)

Describe in Detail

Essay▾

Make necessary entries in the bank and cash columns on the credit side of Mr. Shah՚s cash book as on April 2015.

Mr. Shah

Cash book April 2015

Credit Side of Cash Book of Mr. Shah as on April 2015
DateParticularCash Cr $Bank Cr $

Explanation

Mr. Shah

Cash book April 2015

Calculate Value of Date, Particular, Cash Cr $ , Bank Cr $
DateParticularCash Cr $Bank Cr $
2 - 4-2015By Purchases A/c5000
4 - 4-2015By Carriage A/c1000
5 - 5-2015By Purchases6000

🎯 Select Paper 📂

🚀 Consider Exploring

Developed by: