Accounting for ...

Partnership created for a particular adventure or a particular undertaking is called __________.

Product method is used for __________.

As per Partnership Act, which of the following rights are available to the partner?

X and Y are two partners with a capital of Rs. 30,000 and Rs. 20,000 respectively. They are allowed interest @10% on the total capital. If the profit before interest on capital is Rs. 4000, how much interest will be paid to the partners?

In case the partners are having fixed capital, then interest on capital will be allowed on ___________.

If the partnership agreement provides payment of interest on capital of the partners, then interest can be paid only out of ___________.

Which of these statements is true?

There are three partners in a firm P, Q and R. X is admitted into the firm with 1/4th share of profit with a guaranteed profit of Rs. 25,000 p.a The firm;s total profit is Rs. 80,000. If the firm stood as a guarantor of guaranteed profit to X, how much profit would be given to remaining partners in the instant case?

In India, laws relating to partnership are embodied in ___________.

Adjustment of past mistake in calculation of profit and loss in previous years is done through ________.