Accountancy

Number of partners in a partnership firm may be

• Maximum two

• Maximum ten

• Maximum one hundred

• Maximum fifty

A & B are partners in a partnership firm without any agreement. A has given a loan of 50,000 to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

• 5%p.a

• 6%p.a

• 6% p.m

• As there is a loss in the business, interest can't be paid

According to Profit & Loss Account, the net profit for the year is ₹ 1,50,000. The total interest on partner's capital is ₹18,000 and interest on partner's drawings is ₹2,000. The net profit as per Profit & Loss Appropriation Account will be:

• ₹1,66,000

• ₹1,70,000

• ₹1,30,000

• ₹1,34,000

A& B are partners in a firm. A's Capital is ₹70,000 & B's Capital is ₹50,000. Firm's profit is ₹60,000. A's share in profit will be:

• ₹25,000

• ₹30,000

• ₹35,000

• ₹20,000

Net Profit of a firm is ₹49,500. Manager is entitled to a commission of 10% on profits before charging his commission. Manager's commission will be:

• ₹4,500

• ₹4,950

• ₹5,500

• ₹495

A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹17,000, firm's profit is ₹ 97,000. How much in total B will receive from the firm?

• ₹17,000

• ₹ 40,000

• ₹ 24,000

• ₹ 41,000

Which accounts are opened when the capitals are fixed?

• Only Capital Accounts

• Only Current Accounts

• Capital Accounts as well as Current Accounts

• Either Capital Accounts or Current Accounts

X & Y are partners in the ratio of 3:2. Their capitals are ₹2,00,000 & ₹ 1,00,000 respectively. Interest on capitals is allowed @8%p.a Firm earned a profit of ₹60,000 for the year ended 31st March 2019. Interest on Capital will be:

• X ₹16,000; Y ₹ 8,000

• X ₹8,000; Y ₹ 4,000

• X ₹14,400; Y ₹ 9,600

• No interest will be allowed

Vikas is a partner in a firm. His drawings during the year ended 31st March 2019 were ₹30,000. If interest on drawings is charged @9% p.a the interest charged will be

• ₹270

• ₹2,700

• ₹1,350

• None of these

In a partnership firm, a partner withdrew ₹5,000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @6%p.a. the interest charged will be:

• ₹3,600

• ₹1,950

• ₹1,800

• ₹1,650