12th Class Accountancy Fundamentals of Partnership Question Bank

done Case Based - Accounting for Partnership Firm - Fundamental Total Questions - 78

• question_answer1)
  You are required to answer the following questions based on information given above 1 to 7:

  David, Morgan and Peter are partners in a firm. They do not have partnership deed. Balance of Their Capital Accounts as on 1st April, 2020 are as follows:

  David's Capital Account.................................................................................8,00,000 Credit

  Morgan's Capital Account..............................................................................(1,00,000) Debit

  Peter's Capital Account...................................................................................5,00,000 Credit

  Additional Information :

  Firm obtain a loan from the bank Rs. 1,00,000 @ 10% p. a. on 1st April 2020.

  Mrs. David has given a loan to the firm on 1st October 2020 Rs.2,00,000 @ 8% p.a. interest.

  Peter has given a loan of Rs. 50,000 to the firm on 1st April 2020 and claim 8% p.a. interest.

  Firm has given a loan to Morgan Rs. 60,000 on 1st April 2020.

  David has withdrawn Rs.20,000 during the year for his personal use in anticipation of profit.

  Morgan wants to introduce his nephew (as a new partner) but David objects to it.

  Peter claim that interest on capital is to be calculated @ 10% p.a. and interest on drawings @ 8% p.a.

  How much interest on Bank Loan is to be paid by the firm?

   
  A)
  6,000  done clear
  B)
  10,000 done clear
  C)
  5,000 with average period done clear
  D)
  No interest will be paid done clear
  View Solution play_arrow

• question_answer2)
  How much interest on loan is to be paid to Peter"?
  A)
  4,000 done clear
  B)
  2,000 with average period done clear
  C)
  3,000 done clear
  D)
  No interest will be paid done clear
  View Solution play_arrow

• question_answer3)
  How much interest on loan is to be paid to Mrs. David?
  A)
  16,000 done clear
  B)
  20,000  done clear
  C)
  10,000 done clear
  D)
  8,000 done clear
  View Solution play_arrow

• question_answer4)
  In the absence of partnership deed, interest on David's Drawings is to be Calculated for Average Period of 6 months.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer5)
  Morgan can admit his nephew as a new partner because out of three partners, two agreed to it.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer6)
  Identify the correct statement:
  A)
  Only David and Peter will get interest on capital done clear
  B)
  Interest on capital is to be calculated @10% p.a. done clear
  C)
  No interest on capital as there is no partnership deed done clear
  D)
  Interest on capital and interest on drawings will be calculated @ 6% p.a. in the absence of partnership deed done clear
  View Solution play_arrow

• question_answer7)
  In the absence of partnership deed, interest on loan to Morgan will be calculated @6% p. a.
  A)
  True      done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer8)
  You are required to answer the following questions 8 to 11:

  Vinod, Gagan and Kamlesh are partners sharing profits in the ratio of 5:3:2. Their capital balances as on 1st April, 2020 were:

  Vinod's Capital Account............................................................... 6,00,000 Credit

  Gagan's Capital Account ..............................................................4,00,000 Credit

  Kamlesh's Capital Account.............................................................(50,000) Debit

  On 1st October 2020 it was decided that their capitals should be Rs. 5,00,000 each. The necessary adjustments were made on the same day by introducing OR withdrawing cash. Interest on capital is allowed @10% p.a. as per partnership deed.

  How much interest on capital is to be allowed to Vinod?

  A)
  60,000 done clear
  B)
  50,000 done clear
  C)
  55,000 done clear
  D)
  45,000 done clear
  View Solution play_arrow

• question_answer9)
  How much interest on capital is to be allowed to Gagan?
  A)
  40,000 done clear
  B)
  45,000 done clear
  C)
  51,000 done clear
  D)
  55,000 done clear
  View Solution play_arrow

• question_answer10)
  How much interest on capital is to be allowed to Kamlesh?
  A)
  No Interest done clear
  B)
  50,000  done clear
  C)
  22, 500 done clear
  D)
  25,000 done clear
  View Solution play_arrow

• question_answer11)
  Identify the wrong statement from the following:
  A)
  Vinod has withdrawn Rs.1,00,000 out of his capital done clear
  B)
  Gagan has introduced Rs.1,00,000 as additional capital done clear
  C)
  Kamlesh has introduced Rs.4,50,000 as additional capital done clear
  D)
  Total interest allowed by the firm Rs.1,25,000 done clear
  View Solution play_arrow

• question_answer12)
  You are required to answer the/allowing questions 12 to 16:

  X and Y are partners since last 8 years. Y has provided office space to the firm on rent in his personal building. They share profits in the ratio of 3:2. Capitals are fixed, and their Balance of capital account on 1st April 2020 are: 5,00,000 and 2,50,000. Their Current Account balance on that date: X 1,00,000 Credit and Y 28,000 Debit.

  Rent of Rs.1,000 per month is to be paid to Y.

  As per the partnership deed X to be paid a salary of Rs.5,000 per month whereas Y was to get a commission of Rs.30,000 per year. Interest on capital to be calculated @ 8% p.a. and interest on drawings 6% p.a.

  X withdrew Rs.15,000 on 30th September 2020 and Y withdrew Rs.30,000 on 1st September 2020.

  Profit Rs.1,32,000 before providing above:

  Net Profit to be transferred to Profit and Loss Appropriation Account:

  A)
  1,20,000 done clear
  B)
  1,32,000 done clear
  C)
  1,00,000 done clear
  D)
  1,15,000 done clear
  View Solution play_arrow

• question_answer13)
  Profit share of Y will be:
  A)
  81,000 done clear
  B)
  30,500 done clear
  C)
  40,500 done clear
  D)
  50,000 done clear
  View Solution play_arrow

• question_answer14)
  Profit share of X will be:
  A)
  81,000 done clear
  B)
  40,500 done clear
  C)
  60,000 done clear
  D)
  72,000 done clear
  View Solution play_arrow

• question_answer15)
  Balance of Y's Current Account:
  A)
  Credit Balance Rs.18,550 done clear
  B)
  Debit Balance Rs.18,550 done clear
  C)
  Credit Balance Rs.65,550 done clear
  D)
  Debit Balance Rs.65,550 done clear
  View Solution play_arrow

• question_answer16)
  Balance of X's Current Account:
  A)
  Credit Balance of Rs.1,65,550 done clear
  B)
  Debit Balance of Rs.1,65,550 done clear
  C)
  Credit Balance of Rs.1,35,550 done clear
  D)
  Debit Balance of Rs.1,35,550 done clear
  View Solution play_arrow

• question_answer17)
  You are required to answer the following questions 17 to 22:

  Vinod, Gagan, Rajni and Simran are partners sharing profits and losses in the ratio of 4:3:2:1. Respectively.

  They have withdrawn the following amounts for their personal use.

  Vinod withdrew Rs.6,000 during the year against anticipated profit and Rs.20,000 against his capital.

  Gagan withdrew Rs.1,000 in the beginning of each month for nine months ending 31st March 2021.

  Rajni withdrew Rs.2,000 in the middle of each month for nine months ending 31st March 2021.

  Simran withdrew Rs.3,000 at the end of each month for nine months ending 31st March 2021.

  Interest on drawings is to be charged @10% p.a.

  Interest on Vinod's Drawings will be:

  A)
  600 done clear
  B)
  300 done clear
  C)
  500 done clear
  D)
  250 done clear
  View Solution play_arrow

• question_answer18)
  Interest on Gagan's Drawings will be:
  A)
  300 done clear
  B)
  350 done clear
  C)
  375 done clear
  D)
  400 done clear
  View Solution play_arrow

• question_answer19)
  Interest on Rajni's Drawings will be:
  A)
  600 done clear
  B)
  625 done clear
  C)
  650 done clear
  D)
  675 done clear
  View Solution play_arrow

• question_answer20)
  Interest on Simran's Drawings will be:
  A)
  900 done clear
  B)
  925 done clear
  C)
  950  done clear
  D)
  975 done clear
  View Solution play_arrow

• question_answer21)
  Interest on Drawings is not calculated in ease of loss.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer22)
  Vinod's Capital will be reduced by Rs.20,000 immediately at the time of withdrawal.
  A)
  True done clear
  B)
  False done clear
  View Solution play_arrow

• question_answer23)
  As an accountant you are required to answer the following questions 23 to 28:

  Harshit and Aniket both are childhood friends. After completing their education, they decided to start a partnership firm. They signed a document (partnership deed) which contains all the terms and conditions. They also decided to maintain books of accounts themselves.

  On 31st March 2021 Their Balance Sheet was as follows:

  Liabilities Amount Assets Amount Capitals: Harshit 4,00,000 Fixed Assets                         7,20,000 Aniket 2,80,000 Current Assets 80,000 Creditors 1,20,000 8,00,000 8,00,000

  During the year 2020-21 Harshit paid his brother's college fee Rs.60,000 and Aniket paid his Mother's medical bill of Rs.80,000 out of the firm's cash.

  Profit earned by the firm during the year Rs.2,00,000.

  Due to less knowledge of accounting they distributed profit without providing interest on capital @ 5% p.a. and without charging interest on drawings @ 12% p.a.

  After realizing their mistake, they hired a professional accountant to maintain their accounts as per the guidelines of Partnership Act and their Partnership Deed. All mistakes were identified and rectified by the accountant.

  Total Opening Capital of the firm as on 1st April 2020 was:

  A)
  6,80,000  done clear
  B)
  8,20,000 done clear
  C)
  6,20,000 done clear
  D)
  8,80,000 done clear
  View Solution play_arrow

• question_answer24)
  Profit sharing ratio between Harshit and Aniket _______
  A)
  2:1 done clear
  B)
  3:2 done clear
  C)
  1:1 done clear
  D)
  4:3 done clear
  View Solution play_arrow

• question_answer25)
  Interest on Capital to Harshit Rs._______ and Aniket Rs.________
  A)
  13,000 and 18,000 done clear
  B)
  18,000 and 13,000 done clear
  C)
  15,000 and 15,000 done clear
  D)
  10,000 and 10,000 done clear
  View Solution play_arrow

• question_answer26)
  Interest on Drawings of Harshit Rs._____ and Aniket Rs._______
  A)
  3,600 and 4,800 done clear
  B)
  4,800 and 3,600 done clear
  C)
  3,600 and 3,600  done clear
  D)
  4,800 and 4,800 done clear
  View Solution play_arrow

• question_answer27)
  Net Divisible Profit (corrected) after all adjustments will be:
  A)
  1,70,000 done clear
  B)
  1,77,000 done clear
  C)
  1,67,400 done clear
  D)
  1,77,400 done clear
  View Solution play_arrow

• question_answer28)
  Identify the correct statement from the following:
  A)
  Rectifying Entry: Aniket's Capital A/c Dr. 3,100 and Harshit's Capital A/c Cr. 3,100 done clear
  B)
  Rectifying Entry: Harshit's Capital A/c Dr.3,100 and Aniket's Capital A/c Cr. 3,100 done clear
  C)
  Rectifying Entry: Aniket's Capital A/c Dr.2,100 and Harshit's Capital A/c Cr. 2,100 done clear
  D)
  Rectifying Entry: Harshit's Capital A/c Dr.2,100 and Aniket's Capital A/c Cr. 2,100 done clear
  View Solution play_arrow

• question_answer29)
  As an accountant you are required to answer the following questions 29 to 33:

  VK, GK and MK are partners sharing profits in the ratio of 5:3:2. Their capitals on 1st April, 2019 were Rs.2,00,000; Rs.2,00,000 and Rs.1,00,000 respectively. MK is an active partner and looking after the firm. The partnership deed provides that:

  (i) Active partner is to be paid a salary of Rs.5,000 per month as a charge (irrespective of profit).

  (ii) Rent is paid to VK Rs.4,000 per month (for the use of a portion of his building for the firm, starting from 1st October, 2019).

  (iii) VK has advanced a loan of Rs.50,000 to the firm on 1st April 2019 on which he gets interest @ 8% p.a. Firm has advanced a loan to MK Rs.40,000 @ 10% p.a. on 1st October 2019.

  (iv) Manager is entitled to a commission of 10% on the net profit after charging such commission.

  (v) Interest on capital @ 5% p.a. (as an appropriation).

  Trading profit of the firm on 31st March 2020 was Rs.99,750.

  Interest on MK's Loan:

  A)
  1,000 done clear
  B)
  1,500  done clear
  C)
  2,000 done clear
  D)
  2,500 done clear
  View Solution play_arrow

• question_answer30)
  Interest on VK's Loan:
  A)
  1,000 done clear
  B)
  2,000 done clear
  C)
  3,000 done clear
  D)
  4,000 done clear
  View Solution play_arrow

• question_answer31)
  Manager's Commission to be given:
  A)
  950 done clear
  B)
  1,250  done clear
  C)
  1,375 done clear
  D)
  1,500 done clear
  View Solution play_arrow

• question_answer32)
  Net profit transferred to Profit and Loss Appropriation Account:
  A)
  12,500 done clear
  B)
  99,750 done clear
  C)
  80,000 done clear
  D)
  12,375 done clear
  View Solution play_arrow

• question_answer33)
  Identify the correct Statement:
  A)
  Interest on Capital: VK Rs.10,000; GK Rs.10,000 and MK Rs.5,000 done clear
  B)
  Interest on Capital: VK Rs.5,000; GK Rs.5,000 and MK Rs.5,000 done clear
  C)
  Interest on Capital: VK Rs.5,000; GK Rs.5,000 and MK Rs.2,500 done clear
  D)
  Interest on Capital: VK Rs.6,250; GK Rs.3,750 and MK Rs.2,500 done clear
  View Solution play_arrow

• question_answer34)
  X, Y and Z started a business in partnership on 1st October 2020. The profit sharing ratio was decided among the partners 2:1:1. Z was guaranteed a profit of Rs.28,000 p. a. Deficiency amount (if any) will be borne by X and Y in the ratio of 3:2. The firm earned profit for the year ending 31st March 2021 Rs.20,000. How much deficiency is borne by X and Y?
  A)
  X Rs.12,000 and Y Rs.6,000 done clear
  B)
  X Rs.10,800 and Y Rs.7,200 done clear
  C)
  X Rs.13,800 and Y Rs.9,200 done clear
  D)
  X Rs.5,400 and Y Rs.3,600 done clear
  View Solution play_arrow

• question_answer35)
  You are required to answer the following questions 35 to 38 :

  PK and AK were sharing profits in the ratio of 2:3. The following was the balance sheet of the firm as at 31st March 2021:

  Liabilities Amount Assets Amount Capitals: Non-current Assets 1,80,000 PK 90,000 Current Assets 20,000 AK 1,10.000 2,00,000 Creditors 10,000 2,10,000 2,10,000

  The profits Rs.40,000 for the year ended 31st March 2021 were divided between the partners without allowing interest on capital 5% p.a. and commission to AK @ 1,000 per quarter.

  The drawings of the partners during the year were: PK Rs.2,500 per month and AK 10,000 per quarter. Partnership deed was silent on interest on drawings.

  Opening Capital of AK was:

  A)
  1,20,000 done clear
  B)
  1,22,000 done clear
  C)
  1,24,000 done clear
  D)
  1,26,000 done clear
  View Solution play_arrow

• question_answer36)
  Opening Capital of PK was:
  A)
  1,00,000 done clear
  B)
  1,02,000 done clear
  C)
  1,04,000 done clear
  D)
  1,06,000 done clear
  View Solution play_arrow

• question_answer37)
  in final adjustment PK's Capital Account will be:
  A)
  Debit by Rs.5,200 done clear
  B)
  Debit by Rs.6,200 done clear
  C)
  Debit by Rs.1,000 done clear
  D)
  Credit by Rs.1,000 done clear
  View Solution play_arrow

• question_answer38)
  in final adjustment AK's Capital Account will be:
  A)
  Debit by Rs.1,000 done clear
  B)
  Debit by Rs.6,300 done clear
  C)
  Debit by Rs.9,300 done clear
  D)
  Credit by Rs.1,000 done clear
  View Solution play_arrow

• question_answer39)
  You are required to answer the following questions 39 to 44:

  X, Y and Z running business in partnership since last 8 years. They are sharing profits in the ratio of 2:1:1. It was observed in the current year that there was problem in their accounts. It was discovered that the interest on capital and interest on drawings had been omitted.

  On 31st March 2021, the balances in their capital accounts after making adjustments for profits and drawings were

  Rs.1,60,000; Rs.1,20,000 and Rs.80,000 respectively. The profit for the year ended 31st March 2021 was Rs.40,000.

  During the year X and Y each withdrew a total sum of Rs.24,000 in equal instalments in the beginning of each month and Z withdrew a total sum of Rs.48,000 in equal instalments at the end of each month..

  The interest on drawings was to be charged @5% p.a. and interest on capital was to be allowed @ 10% p.a.

  Opening Capital of Z was:

  A)
  1,64,000 done clear
  B)
  1,34,000 done clear
  C)
  1,18,000 done clear
  D)
  1,20,000 done clear
  View Solution play_arrow

• question_answer40)
  Opening Capital of Y was:
  A)
  1,64,000 done clear
  B)
  1,34,000 done clear
  C)
  1,18,000 done clear
  D)
  1,40,000 done clear
  View Solution play_arrow

• question_answer41)
  Opening Capital of X was:
  A)
  1,64,000 done clear
  B)
  1,60,000 done clear
  C)
  1,50,000 done clear
  D)
  1,66,000 done clear
  View Solution play_arrow

• question_answer42)
  At the time of final adjustment, Y's Capital Account will be:
  A)
  Credited with Rs.2,950 done clear
  B)
  Credited with Rs.900 done clear
  C)
  Credited with Rs.3,850  done clear
  D)
  Credited with Rs.13,400 done clear
  View Solution play_arrow

• question_answer43)
  At the time of final adjustment, Z's Capital Account will be:
  A)
  Debited with Rs.900 done clear
  B)
  Credited with Rs.900 done clear
  C)
  Credited with Rs.2,950     done clear
  D)
  Credited with Rs.3,850 done clear
  View Solution play_arrow

• question_answer44)
  At the time of final adjustment, X's Capital Account will be:
  A)
  Credited with Rs.3,850     done clear
  B)
  Credited with Rs.900 done clear
  C)
  Credited with Rs.2,950 done clear
  D)
  Debited with Rs.3,850 done clear
  View Solution play_arrow

• question_answer45)
  You are required to answer the/allowing questions 45 to 50 :

  X, Y and Z are partners. Fixed Capitals balance on 1st April 2020: X Rs.2,00,000; Y Rs.75,000 and Rs.3,50,000. Partnership deed provides:

  (i) Interest on capital @ 9% p.a. and Interest on drawings 6% p.a.

  (ii) Salary of 6,000 per month to Y

  (iii) Profit (if any) in equal ratio.

  X withdrew during the year Rs.25,000 and Y Rs.15,000. Z withdrew Rs.62,500 for his personal use on 1st December 2020.

  Firm earned a profit of Rs.1,70,000 for the year ending 31st March 2021..

  Total interest on drawings to be shown in Profit and Loss Appropriation Account:

  A)
  2,450 done clear
  B)
  3,650 done clear
  C)
  2,650 done clear
  D)
  3,850 done clear
  View Solution play_arrow

• question_answer46)
  Total Interest on Capital to be shown in Profit and Loss Appropriation Account:
  A)
  54,250 done clear
  B)
  55,250 done clear
  C)
  56,250 done clear
  D)
  57,250 done clear
  View Solution play_arrow

• question_answer47)
  Salary payable to Y:
  A)
  6,000 done clear
  B)
  60,000 done clear
  C)
  70,000 done clear
  D)
  72,000 done clear
  View Solution play_arrow

• question_answer48)
  Profit share of Z will be:
  A)
  20,000 done clear
  B)
  18,000 done clear
  C)
  12,400 done clear
  D)
  11,400 done clear
  View Solution play_arrow

• question_answer49)
  Profit share of X will be:
  A)
  15,400 done clear
  B)
  16,400 done clear
  C)
  17,400 done clear
  D)
  18,400 done clear
  View Solution play_arrow

• question_answer50)
  Profit share of Y will be:
  A)
  14,400 done clear
  B)
  13,400 done clear
  C)
  12,400 done clear
  D)
  11,400 done clear
  View Solution play_arrow

• question_answer51)
  You are required to answer the following questions 51 to 54 :

  Four friends, A, B, C and D were working in a company, after their retirement they started a business in partnership. They are sharing profits and losses in the ratio of 4:3:3:2. Their fixed capitals on 31st March 2021 were Rs.60,000; Rs.90,000 ; Rs.1,20,000 and Rs.90,000. After closing the accounts for the year ending 31st March 2021, it was discovered that interest on capital @ 12% p.a. was not allowed and interest on drawings @10% p.a. was not charged.

  Drawings of the partners during the year: A Rs.40,000; B Rs.50,000; C Rs.30,000 and D Rs.20,000.

  While passing the adjustment entry, B's Current Account will be:

  A)
  Debited by Rs.6,867 done clear
  B)
  Credited by Rs.750 done clear
  C)
  Debited by 3,767 done clear
  D)
  Debited by Rs.750 done clear
  View Solution play_arrow

• question_answer52)
  While passing the adjustment entry, C's Current Account will be:
  A)
  Credited by Rs.3,850 done clear
  B)
  Credited by Rs.6,867 done clear
  C)
  Debited by Rs.3,767 done clear
  D)
  Debited by Rs. 3,850 done clear
  View Solution play_arrow

• question_answer53)
  While passing the adjustment entry, A's Current Account will be:
  A)
  Debited by Rs.6,867 done clear
  B)
  Credited by Rs.750 done clear
  C)
  Debited by 3,767 done clear
  D)
  Debited by Rs.750 done clear
  View Solution play_arrow

• question_answer54)
  While passing the adjustment entry, D's Current Account will be:
  A)
  Debited by Rs.6,867 done clear
  B)
  Credited by Rs.3,850 done clear
  C)
  Debited by 3,767 done clear
  D)
  Credited by 3,767 done clear
  View Solution play_arrow

• question_answer55)
  You are required to answer the following questions 55 to 57: Three Partners A, B and C are doing well in business since last 8 years. B has provided his personal storeroom to the firm for the purpose of business, monthly Rent of Rs.2,000 to be paid by the firm for the same. They share profits in the ratio of 2:3:5. A was guaranteed a minimum profit of Rs.1,00,000. Any deficiency on this account was to be borne by B and C as 60% and 40%. The net profit of the firm for the year ended 31st March 2021 was Rs.4,74,000. Net profit transferred to Profit and Loss Appropriation Account:
  A)
  4,50,000 done clear
  B)
  4,74,000 done clear
  C)
  4,60,000 done clear
  D)
  4,98,000 done clear
  View Solution play_arrow

• question_answer56)
  Deficiency borne by C:
  A)
  4,000 done clear
  B)
  5,000  done clear
  C)
  6,000 done clear
  D)
  3,000 done clear
  View Solution play_arrow

• question_answer57)
  Deficiency borne by B:
  A)
  4,000 done clear
  B)
  5,000 done clear
  C)
  6,000 done clear
  D)
  3,000 done clear
  View Solution play_arrow

• question_answer58)
  Answer the/allowing Question/row the above information (Accounts close date 31.03.2022) 58 to 62:

  On 1st may, 2021, A, B and C started a business with capitals of Rs.5,00,000, Rs.4,50,000 and Rs.4,00,000 respectively. According to partnership agreement:

  (i) Profit earned in any year will be distributed as under:

  Upto Rs.1,80,000 equally.

  Excess over Rs.1,80,000 in ratio of 1:2:2

  (ii) Allow interest on capital @ 12% p.a. (Charge Against profit) and charge interest on drawings @ 9% p.a.

  (iii) Business is being carried from the property owned by A on a monthly rent of Rs.5,000.

  Drawings of the partners during the year were:

  A withdrew regularly Rs.6,000 at the end of every month starting from 31.05.2021.

  B withdrew regularly Rs.21,000 at the beginning of every Quarter starting from 01.07.2021.

  C withdrew regularly 50,000 at the beginning of each six months starting from 01.06.2021.

  Capital of the partner during the year were

  On 01.10.2021 they decided that their capital should be 4,50,000 each

  On 01.01.2022 Mr. C withdrew the amount of Rs.50,000 from his capital

  The profit of the firm for the year before charging all of the above adjustments was Rs.5,00,000.

  Interest on capital of C will be

  A)
  45,500 done clear
  B)
  49,500 done clear
  C)
  47,000 done clear
  D)
  51,000 done clear
  View Solution play_arrow

• question_answer59)
  Net profit transferred from Profit & loss account to Profit & Loss appropriation account will be
  A)
  4,45,000 done clear
  B)
  2,98,000 done clear
  C)
  3,53,000  done clear
  D)
  2,93,000 done clear
  View Solution play_arrow

• question_answer60)
  Interest on drawings of C
  A)
  5000 done clear
  B)
  4500 done clear
  C)
  5250     done clear
  D)
  3750 done clear
  View Solution play_arrow

• question_answer61)
  Average period for calculation of interest on drawings of A
  A)
  5 months done clear
  B)
  6 months done clear
  C)
  5.5 months done clear
  D)
  Not possible to calculate average period because Drawings are not made from starting date done clear
  View Solution play_arrow

• question_answer62)
  B's share of profit will be
  A)
  1,11,424 done clear
  B)
  1,23,424 done clear
  C)
  1,02,853 done clear
  D)
  85,712 done clear
  View Solution play_arrow

• question_answer63)
  Answer the following Question from the above information (Accounts close date 31.03.2022) 63 to 67 :

  A, B and C were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following:

  (i) Interest on capital @5% p. a.

  (ii) Interest on drawing @ 12% p. a.

  (iii) B was allowed a commission of 10% of net profit after charging Interest on capital

  (iv) C is entitled to a commission of 10% of net profit after charging interest on capital and B commission.

  Their capitals were A: Rs.5,00,000; B: Rs.8,00,000 and C: Rs.4,00,000. On 1st April, 2021 C advance a loan of Rs.1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2021 before interest on c's loan was Rs.4,50,000.

  Drawings during the year are as follows;

  A withdrew Rs.5,000 at the end of each month,

  B withdrew Rs.10,000 at the end of each quarter and

  C withdrew Rs.40,000 at the end of each half year.

  C Commission will be

  A)
  32,310 done clear
  B)
  35,900 done clear
  C)
  44,400 done clear
  D)
  32,636 done clear
  View Solution play_arrow

• question_answer64)
  Net profit transferred from Profit & loss account to Profit & Loss appropriation account will be
  A)
  4,44,000 done clear
  B)
  4,50,000 done clear
  C)
  4,56,000 done clear
  D)
  4,52,000 done clear
  View Solution play_arrow

• question_answer65)
  B's Interest on drawings will be
  A)
  3,300 done clear
  B)
  1,800 done clear
  C)
  2,400 done clear
  D)
  6,000 done clear
  View Solution play_arrow

• question_answer66)
  B's Interest on drawings will be
  A)
  3,300 done clear
  B)
  1,800 done clear
  C)
  2,400 done clear
  D)
  6,000 done clear
  View Solution play_arrow

• question_answer67)
  C's Share of profit will be
  A)
  89,487 done clear
  B)
  1,19,316 done clear
  C)
  1,20,000 done clear
  D)
  88,000 done clear
  View Solution play_arrow

• question_answer68)
  You are required to answer the following questions from the above information 68 to 73.

  Gagan and Juhi are partners in a firm for last 2 years. On 1st April, 2020 their capitals are Rs.4,00,000 and Rs.7,00,000 respectively. On 1st Sep, 2020 they decided to keep their capitals Fixed at Rs.5,00,000 each. On 1st Oct, 2020 they took loan of Rs.4,00,000 from Axis Bank @ 9% p.a. On 1st Jan, 2021 firm gave a loan to Juhi of Rs.2,00,000 @ 6% p.a.

  Gagan is to be given monthly salary of Rs.3,500 and Juhi is to be given quarterly salary of Rs.4,000. Gagan Withdrawn Rs.24,000 in the Beginning of every quarter and Juhi withdrawn Rs.5,500 at the end of every month for personal use against the anticipated profits.

  Partners are to be allowed interest on capital @ 6% per annum and Interest on Drawings is to be charged @10 % p.a.

  Gagan is entitled to commission @ 8% on the profit (after considering all charge items, appropriations and interest on drawings) before charging such commission. Juhi is entitled to commission @ 8% on the final profit (after considering charge items, appropriations, interest on drawings and Gagan's commission) after charging such commission.

  The profit was calculated Rs.5,04,475 (before considering charge items).

  Calculate the amount of Net profit to be transferred to Profit and loss Appropriation Account?

  A)
  Rs.5,07,475 done clear
  B)
  Rs.4,86,475 done clear
  C)
  Rs.4,98,475 done clear
  D)
  Rs.4,89,475 done clear
  View Solution play_arrow

• question_answer69)
  Calculate the total amount of Interest on Drawings to be shown in the Profit and loss Appropriation Account?
  A)
  Rs.6,000 done clear
  B)
  Rs.6,600 done clear
  C)
  Rs.9,025 done clear
  D)
  Rs.9,600 done clear
  View Solution play_arrow

• question_answer70)
  Calculate the total amount of Interest on Capital to be shown in the Profit and loss Appropriation Account?
  A)
  Rs.62,500 done clear
  B)
  Rs.63,000 done clear
  C)
  Rs.35,000 done clear
  D)
  Rs.63,500 done clear
  View Solution play_arrow

• question_answer71)
  Calculate the total amount of partners Salary to be shown in the Profit and loss Appropriation Account?
  A)
  Rs.42,000 done clear
  B)
  Rs.58,000 done clear
  C)
  Rs.48,000 done clear
  D)
  Rs 90,000 done clear
  View Solution play_arrow

• question_answer72)
  Calculate the total partners commission to be shown in the Profit and loss Appropriation Account?
  A)
  Rs.27,821 done clear
  B)
  Rs.56,000 done clear
  C)
  Rs.30,240 done clear
  D)
  Rs.59,758 done clear
  View Solution play_arrow

• question_answer73)
  Calculate the divisible profit?
  A)
  Rs.2,15,100 done clear
  B)
  Rs.3,22,000 done clear
  C)
  Rs.2,24,125 done clear
  D)
  Rs.2,21,100 done clear
  View Solution play_arrow

• question_answer74)
  Answer the following question from the above information 74 to 78:

  A and B are partners. Their Capitals on 1st April, 2020 capitals of Rs.5,00,000 and Rs.3,00,000 respectively. On August 1, 2020 they introduced further capitals of Rs.50,000 and Rs.40,000 respectively. B withdrew Rs.15,000 from his capital on March 1, 2021. The profit for the year ended 31st March 2021 was Rs.4,00,000 before allowing interest on partner's loan.

  According to partnership agreement:

  (i) A has given a Loan of Rs.1,50,000 to the firm on 1st July, 2020.

  (ii) Interest on capital to be allowed @ 12% p.a.

  (iii) Interest on drawings @ 6% p.a. Drawings were A Rs.60,000 and B Rs.40,000.

  (iv) B is to be allowed a Commission (Charge) of 2% on sales. Sales for the year were Rs.30,00,000.

  (v) Profit is to be distributed in the following manner

  (a) Upto 1,00,000: Equally.

  (b) Above 1,00,000: in the ratio of 3:2

  Interest on capital of B will be:

  A)
  64,500  done clear
  B)
  64,000 done clear
  C)
  39,050 done clear
  D)
  38,050 done clear
  View Solution play_arrow

• question_answer75)
  Interest on loan of A will be
  A)
  9,000 done clear
  B)
  6,750 done clear
  C)
  6,000 done clear
  D)
  4,750 done clear
  View Solution play_arrow

• question_answer76)
  Amount of net profit transferred to Profit & Loss appropriation account will be
  A)
  3,33,250 done clear
  B)
  3,40,000 done clear
  C)
  3,93,250 done clear
  D)
  4,00,000 done clear
  View Solution play_arrow

• question_answer77)
  Profit to be credited to B's capital account will be
  A)
  1,29,920 done clear
  B)
  1,03,280 done clear
  C)
  1,16,600 done clear
  D)
  93,280 done clear
  View Solution play_arrow

• question_answer78)
  Interest on drawings of B will be:
  A)
  1800 done clear
  B)
  1200 done clear
  C)
  3600 done clear
  D)
  2400 done clear
  View Solution play_arrow