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Published on: 22/06/2021
QB365 provides detailed and simple solution for every Creative Questions in class 12 Accountancy Subject. It will helps to get more idea about question pattern in
every Creative questions with solution.
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
An accountant of the firm has debited interest on partner's loan to the profit and loss appropriation account and credited to the partner's capital account. Is he correct?
2.
How is interest on drawings calculated, if the drawings are made at regular intervals as on the first day of each month?
3.
A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not
4.
If the partner's capital accounts are fixed, where will you record the following items?
(a) Salary payable to a partner
(b) Drawings made by a partner
5.
What is drawing?
1.
No, the accountant is not correct. He has not recorded the interest on loan currently because the interest on loan is a charge against profits and not an appropriation of profits.
2.
If the drawings are made regularly on the first day of each month, the interest on drawings will be
calculated for 6\(\frac12\) months i.e
Interest on drawings = Total drawings x \(\frac{Rate}{100}\) x \(\frac{6.5}{12}\)
3.
According to Indian partnership Act, 1932, no salary is allowed to partners in the absence of partnership deed so the claim of A for salary of Rs.18,000 per month is not valid.
4.
(a) Under fixed capital method, salary payable to a partner is recorded in the current account
(b) Under fixed capital method, drawings made by a partner is recorded in the current account.
5.
(i) Drawings is the amount withdrawn in each or in kind, for personal purposes.
(ii) A drawings account is opened in the name of each partner and the drawings are debited to this account.
(iii) At the end of every year, the drawings account is closely by a transfer to the respective partner's capital account or current account
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Tamilnadu Stateboard 12th Standard Subjects
Maths
Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
Tamil
English
French
Tamilnadu Stateboard Standards
