Kavita and Lalita are partners, sharing profits in the ratio of 2 : 1. They decide to admit Mohan for 1/4^th share in future profits with a guaranteed amount of ₹25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022–23. The deficiency borne by Kavita is:

Identify the correct sequence to be followed while preparing of final account of a partnership firm:
(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet
Choose the correct answer from the options give below:

Match List – I with List – II.

Choose the correct answer from the options given below:

A partnership can have maximum 50 partners. This limit has been set by the:

Match List – I with List II.

Choose the correct answer from the options given below:

Kavita and Lalita are partners, sharing profits in the ratio of 2 : 1. They decide to admit Mohan for 1/4^th share in future profits with a guaranteed amount of ₹25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022–23. The deficiency borne by Kavita is:

Raman, a partner withdrew ₹10,000 at the beginning of every month for the first 8 months, then ₹15,000 at end of every month for the last 4 months. Calculate interest on drawings to be charged at 6% p.a. for the year ending March 31, 2023.

Consider the following contents relating to the Partnership Deed.
(A) It contains the names and addresses of the firm and its main business
(B) It contains the Names and Addresses of the Directors of the firm
(C) It contains the capital to be contributed by each partner.
(D) It contains the profit and loss sharing ratio
(E) It does not contain the rules regarding operation of Bank Account
Choose the correct answer from the options given below:

According to partnership act, if the deed is silent then the profit-sharing ratio will be : (Assuming there are only two partners)

The personal assets of the partners can be used to pay off firm’s debts, if firm’s assets are not sufficient, in which of the following feature of partnership is highlighted above?

Calculate the amount of A’s Commission from the following items:
Net profit before commission ₹1,65,000 and Mr. A is entitled for a commission of 10% of net profit after charging such commission.