fundamentals of partnership

Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @ 6% p.a. Verma withdraws Rs. 2,000 per month starting from April 01, 2019 to March 31, 2020. Kaul

withdrew Rs, 3,000 per quarter, starting from April 01, 2019. Calculate interest on partner’s drawings.

• Verma 780 and Kaul 450

• Verma 450 and Kaul 780

• Verma 870 and Kaul 540

• Verma 540 and Kaul 870

A and B are partner’s sharing profit equally. A draw regularly Rs. 4,000 at the end of every month for 6 months. Year ended on 30thSeptember 2018, calculate interest on drawings @ rate 5% p.a.

• a. Rs. 350

• b. Rs. 450

• c. Rs. 150

• d. Rs. 250

The relation of the partner with the firm is that of

• a. An owner

• b. An agent and A Principal

• c. An agent

• d. Manager

As per section a minor may be admitted for the benefit of the partnership if:-

• a. One partner agree

• b. More than one agree

• c. All partners agree

• d. Both (a) or (b)

In the absence of partnership deed partner share profit and loss in

• a. Ratio of capital Employed

• b. Equal Ratio

• c. 2 : 1

• d. 1 : 2

Salary to a partner under fixed capital account is credited to

• a. Partner’s Capital A/c

• b. Partner’s current A/c

• c. Profit & Loss A/c

• d. Partner’s Loan A/c

A,B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84,000.

Calculate the amount of Profit or Loss transferred to the capital A/c of B.

• a. Loss Rs. 87,000

• b. Profit Rs. 87,000

• c. Profit Rs.28,000

• d. Profit Rs.14,000

Which one of the following items is recorded in the Profit and Loss appropriation account

• a. Interest on Loan

• b. Partner Salary

• c. Rent paid to Partner’s

• d. Managers Commission

Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be disturbed among partner in

• a. 1 : 2

• b. Profit Sharing Ratio

• c. Capital Ratio

• d. Equally

If Goodwill is Rs. 1,20,000, Average Profit is Rs. 60,000 Normal. Rate of Return is10% on Capital Employed Rs. 4,80,000. Calculate capitalized value of the firm:-

• a. Rs. 6,00,000

• b. Rs. 5,00,000

• c. Rs. 4,00,000

• d. Rs. 7,00,000