Model Paper 3 — Accountancy STD 12 Commerce — Question

On the admission of a new partner, the decrease in the value of assets is debited to:

The balance of Income and Expenditure account represents:

A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in:

In case of a partnership at will, notice to dissolve their partnership can be tendered by _________.

The first step in preparation of Receipt and Payment Account is taking the opening balances of cash on hand and cash at bank and entering them on the _______ side; bank overdraft at the beginning of the year by entering the same on the ______ side of this account.

If there is a 'Match Fund', then Match Expenses and Match Incomes are transferred to:

The settlement of assets and liabilities incase of dissolution of a partnership firm is carried out by:

On dissolution of a firm, bank overdraft is transferred to:

Legacies are generally ______.

Which of this statement is true about Registration of a firm _________.