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Category [ISC] Fundamentals of Partnership

[ISC] Fundamentals of Partnership 99 Questions

0 Votes 1 Ans

Raman and Pawan are partners sharing profits and losses in the ratio of 2 : 3. They had opening credit balance in their Loan Accounts of ₹ 5,00,000 and ₹ 4,00,000 respectively

883 viewsAnurag Pathak Changed status to publish April 22, 2024[ISC] Fundamentals of Partnership

0 Votes 1 Ans

Chandan and Gurman are partners sharing profits and losses in the ratio of 2 : 3. They had opening credit balance in their Loan Accounts of ₹ 5,00,000 and ₹ 4,00,000 respectively

794 viewsAnurag Pathak Changed status to publish April 22, 2024[ISC] Fundamentals of Partnership

0 Votes 1 Ans

Alex, John, and Sam are partners in a firm. Their capital accounts on 1st April 2015, stood at ₹ 1,00,000; ₹ 80,000, and ₹ 60,000 respectively. Each partner withdrew ₹ 5,000 during the financial year

4.36K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anup, Babu, and Roop were partners. Their capitals were Anup ₹ 30,000; Babu ₹ 20,000 and Roop ₹ 10,000. According to the Partnership Deed, they were to get interest on capital @ 5% p.a.

2.85K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

The capitals of Madan, Krishna, and Ram as on 31st March 2023 were ₹ 30,000, ₹ 1,10,000, and ₹ 2,20,000 respectively. The profit of ₹ 60,000 for the year 2022-23 was distributed in the ratio of 4 : 1 : 1 after allowing interest on capital @ 10% p.a

3.91K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Shiv and Shankar were partners in a firm sharing profits in 3 : 2 ratio. Their fixed capitals were ₹ 1,70,000 and ₹ 2,10,000 respectively. The Partnership Deed provides for the following:

3.38K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ajit, Harish, and Ganesh were partners in a firm. On 1st April 2022, their capitals stood at ₹ 50,000; ₹ 25,000, and ₹ 25,000 respectively. As per the provisions of the Partnership Deed:

3.23K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Gaurav, Sourav, and Vivian are partners in a firm. Though the Partnership Deed did not provide for interest on capital, Yet it was allowed to the partners @ 5% p.a. for the two years ended on 31st March 2022 and 31st March 2023.

3.23K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mohan, Vijay, and Anil are partners, the balances of their capital accounts being ₹ 30,000; ₹ 25,000, and ₹ 20,000 respectively

1.20K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Roshan, Mahesh, Gopi, and Jai are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The balances of Capital Accounts on 1st April 2015 were: Roshan ₹ 8,00,000, Mahesh ₹ 5,00,000, Gopi ₹ 6,00,000 and Jai ₹ 6,00,000.

3.37K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anil, Sunil, and Ramesh are partners. Their fixed capitals as on 31st March 2023 were: Anil ₹ 50,000, Sunil ₹ 1,00,000, and Ramesh ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was credited

3.07K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Hari, Kunal, and Uma are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final accounts had been prepared, It was noticed that interest on drawings @ 5% p.a. has not been charged

2.86K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Tushar, Kapil, and Ajay are partners. Their fixed capitals as on 31st March 2023 were: Tushar ₹ 5,00,000, Kalil ₹ 10,00,000, and Ajay ₹ 15,00,000. Profit for the year 2022-23 ₹ 6,00,000 was distributed.

3.42K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Three Chartered Accountants Mohit, Ronit, and Shobhit form a partnership, profits being divisible in the ratio of 3 : 2 : 1 subject to the following:

3.27K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

The partnership agreement of Raman, Daman, and Sharman provides that: (i) Profits will be shared by them in the ratio of 2 : 2 : 1

2.51K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Kamal, Lalit, and Neha were partners sharing profits and losses in the ratio of 3 : 3 : 2. Balances in their capital accounts as on 1st April 2022 stood at ₹ 8,00,000, ₹ 7,00,000 and ₹ 2,00,000 (Dr.) respectively

2.74K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anchal, Mitesh, and Avichal entered into a partnership on 1st April 2022 and decided to share profits and losses in the ratio of 3 : 2 : 1. Their capitals were ₹ 1,00,000, ₹ 75,000, and ₹ 50,000 respectively.

3.24K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Dhoni, Kohli, and Ishant are partners in the Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed a profit of ₹ 5,00,000 per annum by Dhoni and Kohli

2.78K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners

2.90K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Sonu, Monu, Parth, and Mala are partners sharing profits and losses in the ratio of 4 : 3 : 2 : 1. Their capitals as at 1st April, 2022 were ₹ 1,80,000; ₹ 1,50,000; ₹ 90,000 and ₹ 60,000 respectively

4.60K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mita, Rita, and Sandra were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. Mita had personally guaranteed that in any year Sandra’s share of profit, after allowing interest on capital

2.97K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ashok and Bhim were partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2022 were ₹ 1,00,000 and ₹ 2,00,000 respectively

3.76K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Kanav, Parv, and Sheel entered into a partnership on 1st October 2022 and decided to share profits and losses in the ratio of 4 : 3 : 3. Kanav personally guaranteed that Sheel’s share of profit after charging interest on capital @ 10% p.a

2.90K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Vishesh, Vaibhav, and Vibhuti entered into a partnership on 1st April 2022 sharing profits in the ratio of 5 : 3 : 2. Vishesh guaranteed that Vibhuti’s Share of profit, after charging interest on capital @ 5% p.a

2.68K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Neel, Nitin, and Neeraj are partners having Capital of ₹ 15,00,000; ₹ 12,00,000, and ₹ 9,00,000 respectively, and sharing profit and losses equally. Neeraj is guaranteed a minimum profit of ₹ 1,50,000 per annum

2.99K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

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