Shiv and Mohan are two partners sharing profits and losses in the ratio of 3:2. On 31st March 2023, their capital Accounts stood at ₹ 55,000 and ₹ 45,000 after distribution of net profit of ₹ 15,000 and due consideration of drawings of the partners for ₹ 6,000 and ₹ 4,000 respectively.
Shiv and Mohan are two partners sharing profits and losses in the ratio of 3:2. On 31st March 2023, their capital Accounts stood at ₹ 55,000 and ₹ 45,000 after distribution of net profit of ₹ 15,000 and due consideration of drawings of the partners for ₹ 6,000 and ₹ 4,000 respectively. After closing the books, the following discrepancies were noticed.
i) An item in the inventory was valued at ₹ 12,800 but had a realizable value of ₹ 8,300.
ii) ₹ 2400 paid for insurance premium for the year ending on 30th June 2023 had been debited to the Profit and Loss Account.
iii) Interest on Capital at 5% on partner’s capital as at the beginning of the year and interest on drawings of partners at 8% p.a. were left out of consideration.
Q. 1 Balance of Opening capital on 1st April 2022
a) ₹ 40,000 (Shiv), ₹ 35,000 (Mohan)
b) ₹ 46,000 (Shiv), ₹ 39,000 (Mohan)
c) ₹ 52,000 (Shiv), ₹ 43,000 (Mohan)
d) ₹ 64,000 (Shiv), ₹ 51,000 (Mohan)
Q. 2 Correct Profit is
a) ₹ 15,500
b) ₹ 11,100
c) ₹ 10,500
d) None of these
Q. 3 Divisible Profit is
a) ₹ 6,350
b) ₹ 6,750
c) ₹ 7,100
d) ₹ 1.15,000
Anurag Pathak Changed status to publish April 9, 2023
Ans – 1 – c)
Ans – 2 – b)
Ans – 3) – b)
Anurag Pathak Changed status to publish April 4, 2023
