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Ans – c) 1. The first profit is transferred to P & L Appropriation Account. 2. It is raised by the guarantee given by the partner to the firm. 3. Then guarantee given by the firm to the partner is…

Ans – c) The actual share of Profit received by Chris is ₹ 5000 – ₹ 1000 = ₹ 4000 Thus Profit earned by the firm is 4000 * reciprocal of Chris share 4000 * 10/1 = ₹ 40,000

Ans – d)

Ans – d) Detailed Solution

Ans – 1 – c) Ans – 2 – b) Ans – 3) – b)

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Ans – c) First Profit is transferred to the Profit and Loss Appropriation Account. Second it is raised by guarantee given by partners to the firm Third guarantee give by firm to the partner is considered At the end guarantee…

Ans – d) In the absence of a partnership deed. The profit is divided equally among partners. The salary to the partners is not allowed in the absence of partnership deed.