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Category [ISC] Fundamentals of Partnership

[ISC] Fundamentals of Partnership 99 Questions

0 Votes 1 Ans

Gian, Rajat, and Bishan are partners sharing profits equally. Gian drew regularly ₹ 10,000 in the beginning of every month for six months 30th September

3.69K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Calculate interest on the drawings of Mahesh @ 5% p.a. for the year ended 31st March 2023 in each of the following alternatives cases:

1.89K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A partner makes drawings of ₹ 2,500 per month. As per the Partnership Deed, interest is to be charged @ 6% p.a. What is the interest that would be charged to the partner if the drawings are made:

1.39K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram and Shyam are partners sharing profits equally. Ram drew regularly ₹ 4,000 at the end of every month starting from 31st October 2022 for six months ending 31st March

2.17K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Veeru and Jai are partners sharing profits equally. Veeru drew regularly ₹ 4,000 in the beginning of every month for six months ended 30th September

2.69K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Prem and Priya, two partners draw for their personal use ₹ 60,000 and ₹ 40,000 respectively. Interest is chargeable @ 6% p.a. on the drawings

1.46K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Raman and Pawan are partners sharing profits and losses in the ratio of 3 : 2. Raman being a non-working partner contributes ₹ 50,00,000 as capital

2.34K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Bala and Rajan are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 5,00,000 and ₹ 4,00,000 respectively. Pass the necessary Journal entry or entries and show the distribution of profit or loss for the year ended 31sst March 2023 by preparing relevant accounts in each of the following cases:

2.16K viewsAnurag Pathak Changed status to publish April 20, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Sumant and Rumant Contribute ₹ 8,00,000 and ₹ 4,00,000 respectively as capitals on which they agree to allow interest @ 6% p.a. They are to share profits in the ratio of 3 : 2. Net Profit for the year is ₹ 60,000.

2.72K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Calculate interest on Capital and on Current Accounts @ 5% p.a. from the following Balance Sheet as at 31st March 2023 of Anu and Bobby:

2.02K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Emm and Ell are partners having fixed capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. The opening balances in their current accounts were: Emm – ₹ 1,00,000 (Cr.) and Ell – ₹ 1,00,000 (Dr.)

1.75K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Gee and Ess are partners having fixed capitals of ₹ 3,00,000 each. They have opening credit balances of ₹ 1,00,000 and ₹ 2,00,000 respectively in the Current Accounts

1.97K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

From the following Balance Sheet of Arun and Barun and Additional information, Calculate interest on capital @ 6% p.a. payable to Barun for the year ended 31st March 2023:

2.26K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively. During the year 2022-23, Ram’s and Mohan’s drawings were ₹ 40,000 and ₹ 60,000 respectively. Profit (before charging interest on capital) during the year was ₹ 1,60,000. Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023. Assuming the capitals were fixed in problem 13, Calculate interest on capital.Ram and Mohan are partners and their capitals for the year ended

1.91K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively.

1.13K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mona and Roma contribute as capital ₹ 2,00,000 and ₹ 1,00,000 respectively. They decide to allow interest on capital @ 6% p.a

2.32K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram and Laxman started business on 1st April 2022 with capitals of ₹ 20,00,000 and ₹ 12,00,000 respectively. On 1st May, Ram introduced additional capital of ₹ 4,00,000 and Laxam withdrew ₹ 2,00,000 from his capital.

3.15K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Om and Shiv entered into a partnership on 1st April 2022 without any Partnership Deed. They introduced capitals of ₹ 5,00,000 and ₹ 3,00,000 respectively

2.70K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ankit, Bhanu, and Charu are partners in a firm sharing profits and losses equally with a capital of ₹ 2,50,000 each.

2.30K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Reema, Leena, and Meena are partners in a firm sharing profits and losses equally with a capital of ₹ 5,00,000 each.

2.89K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Taran and Deep are partners sharing the profits and losses in the ratio of 2 : 3 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively

2.22K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Bani, Rani, and Mani are partners sharing profits and losses in the ratio of 3 : 2 : 1. Bani and Mani granted loans to the firm on 1st October 2022 of ₹ 2,00,000 and ₹ 3,00,000 respectively

2.46K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Jay and Joy are partners in a firm sharing profits in the ratio of 3 : 2. They had given a loan to the firm of ₹ 3,00,000 in their profit sharing ratio on 1st October 2022

2.49K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Amitabh presents the following Profit and Loss Appropriation Account to his Partner Bharat:

1.72K viewsAnurag Pathak Changed status to publish April 19, 2024[ISC] Fundamentals of Partnership [ISC} TS Grewal Solutions Accountancy Class 12th

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