30 Basic Accounting Interview Questions on NPO & Partnership | Freshers & Experienced ✅

Ace your Accounting Job Interview Prep with these 30 Accounting Interview Questions on Not-for-Profit Organizations (NPO) and Partnership Accounts. In this video, we cover both conceptual and practical journal entry-based questions that interviewers commonly ask. Whether you are a fresher preparing for your first accounting job or an experienced professional aiming for career growth, this video will be highly useful. 📋 Questions Covered: 00:00 Intro 1:24 "Not for Profit" Concerns from Accounting point of view? 2:29 How do NPOs collect their money? 2:59 What is Receipts & Payments Account 3:34 Difference between Capital Receipts & Revenue Receipts 4:49. Difference between Capital Expenditure and Revenue Expenditure 5:44 What is Income and Expenditure Account. 6:44 Do the Balance Sheets of Trading & Non- trading concerns differ in any way? 7:04 What is Implied Adjustment? 8:04 What is Accrued Income? What is its effect on the accounts of Not for Profit Concerns? 9:24 Suppose, if you received the income in Advance - What would be its effect on the Accounts of an NPO? 11:04 How would you treat the Life Membership fees? 12:09 Suppose an NPO wants to sell out its old assets like furniture, how will you treat this? 13:49 What is Capital in terms of Partnership Accounts? 15:44 Suppose a new partner joins your partnership firm with some capital or assets, how would the Journal Entry for this be made? 17:04 Suppose two partners X and Y currently share profits and losses in the ratio of 2:3. A new partner Z joins for 1/4th share in future profit. What will be the new profit sharing ratios of X, Y and Z? 19:34 What is Sacrifice Ratio? 20:59 What is New Ratio and Gain Ratio, in case of Retirement of Partner? 22:01 Suppose the entire amount payable to the retiring partner is paid in one single installment. How would the Journal entry for this look like? 23:53 Let's suppose you make the partial payment to the retiring partner in cash while the balance is transferred to the loan account, what would the journal entry be? 24:39 What are the different accounts opened in the books of a partnership firm, in case of Simple Dissolution? 25:04 What is Realisation Account? 25:54 How are accumulated Profits and Reserves treated at the time of dissolution of Partnership? 26:59 If all the assets are sold out for Cash during the Realisation stage of Dissolution, how would the Journal entries show up? 27:54 If a Partner discharges any liabilities of the firm, how would the Journal entries look like? 28:34 If Partner actively helps with realising the assets and is paid a commission for his effort. How would the journal entry for this be passed? 29:04 At the time of closing the Realisation Account, if the credit side is more than the debit side or vice versa, what does this mean? 30:04 How is the current Account of the Partner closed? 31:19 How do you go about closing the Capital Account? 31:50 How do you handle unrecorded assets or liabilities realised or paid at the time of closure? 33:45 How is goodwill treated on Dissolution of Partnership? 🔹 Who should watch? 👉 Fresh graduates preparing for their first accounting job. 👉 Experienced professionals aiming for roles like Accounts Assistant, Accountant, Cost Accountant, Accounts Officer, Finance Executive, Management Accountant etc. ✨ Our Other Videos on Finance & Accounting Basic Financial Accounting --------------------- i.) 25 Basic Accounting Interview Questions:    • 28 Basic Accounting Interview Questions | ...   ii.) 30 Accounting Interview Questions (NPO & Partnership) -    • 28 Basic Accounting Interview Questions | ...   iii.) 30 Accounting Interview Questions (Trading A/c, Cash Book, Cash Flow, Fund Flow, Depreciation, Provisions, Reserve, Asset Disposal etc.) -    • 30 Basic Accounting Interview Questions - ...   iv.) 15 Basic Accounting Interview Questions (Liquidity, Solvency, Turnover, Profitability Ratios):    • 15 Basic Accounting Interview Questions - ...   Cost Accounting ------------ v.) 21 Basic Cost Accountant Interview Questions -    • 21 Basic Cost Accounting Interview Questio...   vi.) 11 Basic Cost Accounting Interview Questions -    • 11 Basic Cost Accounting Interview Questio...   (Questions on Wages, Incentives, Cost Reconciliation Statement, Reasons for difference in Cost Accounts & Financial Account Balance, Break Even Point, PV Ratio etc.) Accounts Payable & Receivable --------------------- vii.) 25 Accounts Payable Interview Questions:    • 25 Basic Accounts Payable Interview Questi...   viii.) 15 Accounts Receivable Interview Questions:    • 15 Basic Accounts Receivable Interview Que...   Financial Analysis --------- ix.) 11 Financial Analyst Interview Questions:    • 11 Financial Analyst Interview Questions f...   x.) 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