Question 1

0 Votes 1 Ans

Gupta is a partner in a firm. He drew regularly ₹ 800 at the end of every month for the six months ending 31st March, 2024. Calculate interest on drawings at 15% p.a

510 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 2

0 Votes 1 Ans

Mr. Ashok Gupta is a partner in a firm. He withdrew the following amounts during the year ended 31st March, 2024

755 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 3

0 Votes 1 Ans

A is a partner in a firm. During the year ended 31st March, 2024, A’s drawings were:

452 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 4

0 Votes 1 Ans

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of ₹ 10,00,000 and ₹ 5,00,00 respectively. As per the partnership deed, they are to be allowed interest on capital @ 8% p.a

628 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 5

0 Votes 1 Ans

A and B are partners in a firm sharing profits in the ratio of 1 : 2. Their capitals on 1st April 2023 were ₹ 4,00,000 and ₹ 6,00,000 respectively

595 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 6

0 Votes 1 Ans

A and B are partners sharing profits and loss in the ratio of their capitals which were ₹ 6,00,000 and ₹ 4,00,000 respectively on 1st April 2023. The partnership deed provides that:

638 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 7

0 Votes 1 Ans

Radha and Rukmani are partners in a firm with fixed capitals of ₹ 2,00,000 and ₹ 3,00,000 respectively. They share profits in the ratio of 1 : 2. Both partners are entitled to interest on capitals @ 8% per annum

398 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 8

0 Votes 1 Ans

Kia and Siya are partners in a firm sharing profits equally. Siya has given her property on rent to the firm on a monthly rent of ₹ 25,000. The firm paid her rent from April 2023 to January 2024 by cheque on 10th February 2024

378 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 9

0 Votes 1 Ans

Hemant and Sameer are partners in a firm. On 1st December 2023, Hemant gave a loan to the firm of ₹ 5,00,000. On the same date, the firm gave a loan of ₹ 2,00,000 to Sameer

653 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 10

0 Votes 1 Ans

Krish and Tarun were partners in a firm. Firm gave a loan of ₹ 5,00,000 to Tarun on 1st September 2023. Interest was agreed to be charged at 9% p.a

643 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 11

0 Votes 1 Ans

Raj, Mehak and Divya were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their respective capitals were : ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000

677 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 12

0 Votes 1 Ans

A, B and C are partners sharing the profits and losses in the ratio of 2 : 3 : 5. On 1st July, 2023, A and B granted loans of ₹ 2,00,000 and ₹ 1,00,000 respectively to the firm

604 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 13

0 Votes 1 Ans

Lata and Mamta are partners with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively sharing profits as Lata 70% and Mamta 20%. During the year ended 31st March 2024 they earned a profit of ₹ 2,26,440 before allowing interest on partner’s loan

643 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 14

0 Votes 1 Ans

Aru and Esha are partners sharing profits equally. Esha had given loan of ₹ 4,00,000 to the firm on 1st October 2023 and it was agreed that interest will be paid @ 9% p.a

718 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 15

0 Votes 1 Ans

A, B and C were partners in a firm having capitals of ₹ 2,00,000; ₹ 2,00,000 and ₹ 80,000 respectively on 1st April, 2022. Their Current Account balances were A : ₹ 20,000; B : ₹ 10,000 and C : ₹ 5,000 (Dr.)

719 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 16

0 Votes 1 Ans

A, B and C entered into partnership on 1st April 2022 with capitals of ₹ 10,00,000, ₹ 8,00,000 and ₹ 5,00,000 respectively. On 1st July 2022, B advanced ₹ 2,00,000 and on 1st December 2022 C advanced ₹ 1,00,000 by way of loans to the firm

887 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 17

0 Votes 1 Ans

A, B and C were partners in a firm having capitals of ₹ 1,00,000; ₹ 1,00,000 and ₹ 2,00,000 respectively. According to the partnership deed the partners were entitled to interest on capital @ 6% p.a

645 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 18

0 Votes 1 Ans

Y and Z are partners with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively on 1st April, 2023. Each partner is entitled to 9% p.a. interest on his capital. Z is entitled to a salary of ₹ 60,000 p.a. together with a commission of 6% of Net Profit after charging his commission

729 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 19

0 Votes 1 Ans

X, Y and Z are partners with capitals of ₹ 4,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. They charge 8% p.a. interest on their capitals are divide the profits in the ratio of 3 : 2 : 1

516 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 20

0 Votes 1 Ans

A and B are partners in a firm sharing profits or losses in the ratio of 2 : 3 with capitals of ₹ 4,00,000 and ₹ 8,00,000 respectively on 1st April, 2023. Each partner is entitled to 10% p.a

837 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 21

0 Votes 1 Ans

Asha and Lata are partners sharing profits in the ratio of 1 : 2. Asha is entitled to a salary of ₹ 2,00,000 p.a. and a commission of 8% of net profit before charging any commission

666 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 22

0 Votes 1 Ans

X and Y are partners with capitals of ₹ 1,00,000 and ₹ 80,000 respectively on 1st April, 2022 and their profit sharing ratio is 2 : 1. Interest on capital is agreed @ 12% pa

668 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 23

0 Votes 1 Ans

Anubha and Kajal entered into partnership sharing profits and losses in the ratio of 2 : 1. Their Capitals were ₹ 90,000 and ₹ 60,000. The profit during the year were ₹ 45,000

460 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 24

0 Votes 1 Ans

On 1st April, 2023 A and B commenced business with Capitals of ₹ 6,00,000 and ₹ 2,00,000 respectively. On 31st March, 2024 the net profit (before taking into account the provisions of deed) was ₹ 2,40,000

667 viewsAnurag Pathak Changed status to publish June 12, 2024

Question 25

0 Votes 1 Ans

Girish and Satish are partners in a firm. Their Capitals on April 1, 2023 were ₹ 5,60,000 and ₹ 4,75,000 respectively. On August 1, 2023 they decided that their Capitals should be ₹ 5,00,000 each

451 viewsAnurag Pathak Changed status to publish June 12, 2024

Telegram Channel

Telegram Channel