Board Question Paper : August 2020 — Elements of Account STD 12 Commerce — Question

In which activities dividend or interest incomes are added?

Who will pay partnership firm's liability from their personal assets when any partner or partners become insolvent ?

Describe income generation activities of insurance company.

For what purpose a new partner is admitted in a firm?

What is the new provision for giving more space/advantages to small and medium scale industries and to remove unlimited liability for partners?

State the 'other special benefits' regarding factors affecting valuation of goodwill.

The debit balance of current account of partners is shown on which side of balance sheet?

Which balances are debited to all partners' capital accounts in their old profit-loss sharing ratio?

Where will you disclose the following items given in a trial balance during the preparation of a final account of a partnership firm: Goods withdrawn as drawings.