Accounting for ...

When capitals are fixed, the loss arising out of insolvency of a partner will be borne by other solvent partners in the ____________________.

Which of the following is correct statement ?

Profit on revaluation of assets and liabilities at the time of retirement of a partner will be credited to __________________.

A and B shared profits in the ratio of 7 : 3. C was admitted as a partner. A surrendered 1 /7th of his share and B 1/3rd of his share in favour of C. The ratio of A, B and C will be ___________.

The loss of a firm when all the partners are insolvent is to be borne by ______________.

In the absence of an agreement to the contrary, the partners _________________.

K and L sharing profits in the ratio of 7 : 3 admit M on 3/7 share in the new firm which he takes 2/7 from K and 1/7 from L. The new ratio of K , L and M will be ____________.

In the absence of an agreement to the contrary,  ___________________.

Which of the following transactions is of capital nature?

A, B and C are partners in a firm. Though there is no provision in the partnership deed for interest on capital, this has been provided in the account @ 10% p.a. for the two years ended on 31 Dec., 2013. Their fixed capitals on which interest was calculated were throughout A Rs. 15,000, B Rs. 12,000 and C Rs. 9,000. Their profit sharing ratios were 2007 - 5:3:2 and 2008 - 2: 2: 1. The necessary adjustment entry will be made as: