1.
Which of the following items is not dealt through Profit and Loss Appropriation Account?
1 out of 10
3.
Which of the following is true regarding Salary to a partner when the firm maintains fluctuating capital accounts?
3 out of 10
4.
In the absence of partnership deed, a partner is entitled to an interest on the amount of additional capital advanced by him to the firm at a rate of:
4 out of 10
5.
Sarvesh, Sriniketan and Srinivas are partners in the ratio of 5:3: 2. If Sriniketan’s share of profit at the end of the year amounted to ₹1,50,000, what will be Sarvesh’s share of profits?
5 out of 10
6.
A, B and C are partners, their partnership deed provides for interest on drawings at 8% per annum. B withdrew a fixed amount in the middle of every month and his interest on drawings amounted to ₹4,800 at the end of the year. What was the amount of his monthly drawings?
6 out of 10
7.
Abhay and Baldwin are partners sharing profit in the ratio 3:1. On 31st March 2021, firm’s net profit is ₹1,25,000. The partnership deed provided interest on capital to Abhay and Baldwin ₹15,000 & ₹10,000 respectively and Interest on drawings for the year amounted to ₹6000 from Abhay and ₹4000 from Baldwin. Abhay is also entitled to commission @10% on net divisible profits. Calculate profit to be transferred to Partners Capital A/c’s.
7 out of 10
8.
Mickey, Tom and Jerry were partners in the ratio of 5:3:2. On 31st March 2021, their books reflected a net profit of ₹2,10,000. As per the terms of the partnership deed they were entitled for interest on capital which amounted to ₹80,000, ₹60,000 and ₹40,000 respectively. Besides this a salary of ₹60,000 each was payable to Mickey and Tom. Calculate the ratio in which the profits would be appropriated.
8 out of 10
9.
Ajay and Vinod are partners in the ratio of 3:2. Their fixed Capital were ₹3,00,000 and ₹4,00,000 respectively. After the close of accounts for the year it was observed that the Interest on Capital which was agreed to be provided at 5% pa was erroneously provided at 10%p.a. By what amount will Ajay’s account be affected if partners decide to pass an adjustment entry for the same?
9 out of 10
10.
Gagan, a partner in a partnership firm withdrew 10,000 in the beginning of each quarter. For how many months would interest on drawings be charged?
10 out of 10
