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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.

Ans – d) Explanation:-

Ans – d) The salary paid to the partner is an appropriation. Thus it is debited to Profit and Loss Appropriation Account.

Ans – b) Explanation:- C’s Share in Profit = 4,00,000 * 1/10 = ₹ 40,000 Deficiency in C’s Share in Profit as per guarantee = ₹ 50,000 – ₹ 40,000 = ₹ 10,000 Deficiency of C ₹ 10,000 met by…

Ans – d) Here is the explanation

Ans – d) Explanation:- Vidit’s Interest on capital = 1,20,000 * 10% = ₹ 12,000 Seema’s Interest on capital = 2,40,000 * 10% = ₹ 24,000 Total interest of both the partners = 12,000 + 24,000 = ₹ 36,000 As…

Ans – d) Explanation

Ans – c) Explanation:- Z’s Share in Profit = 99000 * 1/11 = ₹ 9,000 Deficiency of Z borne by X = 15000 – 9000 = ₹ 6,000 X’s Share in profit = 99000 * 6/11 = ₹ 54,000 X’s…

Ans – c) Interest on Drawings as revenue (income) to the firm is recorded at the credit side of the Profit and Loss Appropriation Account.