Accountancy 3rd sep 12th cbse

Ram and Mohan were partners with fixed capitals of 3,00,000 and 2,00,000 respectively As per their Partnership Deed, interest on capital was allowed 10% p.a. Net profit for the year ended 31st March, 2022 was 30,000. The amount of interest on capital credited to each partner's Current Account for the year ended 31st March, 2022 was

• Ram ₹ 30,000 and Mohan ₹ 20,000

• Ram ₹ 20,000 and Mohan ₹ 10,000

• Ram ₹ 18,000 and Mohan ₹ 12,000

• Ram ₹ 30,000 and Mohan Nil

Assertion (A): Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims arm interest on loan of ₹3,000 despite the firm being in loss for the year.

Reason (R): In the absence of any agreement/provision in the Partnership Deed, provisions of Indian Partnership Act, 1932 would apply.

In the context of above two statements, which of the following is correct?

• Both A and R are correct and R is the correct explanation of A

• Both A and R are correct but R is not the correct explanation of A.

• A is correct but R is incorrect

• A is incorrect but R is correct

At the time of change in profit-sharing ratio among existing partners, ‘Reserves’ are transferred to Partners Capital Accounts in the following ratio:

• Sacrificing Ratio

• Gaining Ratio

• Old Ratio

• New Profit-sharing Ratio

Bina and Ria are partners sharing profits in the ratio of 5: 3. They admit Siya as a new partner for 3/8th share which she acquired 2/8th from Bina and 1/8th from Ria. The new profit-sharing ratio of Bina, Ria and Siya will be

• 3:2:3

• 2:3:3

• 5:5:6

• 9:1:6

Nidhi, Kunal and Kabir are partners in a firm sharing profits in the ratio of 2:1:2. Kunal retired and the balance in his Capital Account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was 80,000. Nidhi and Kabir agreed to pay him₹ 1,00,000 in full settlement of his claim. Kunal's share of goodwill of the firm, on his retirement was

• ₹ 4,000

• ₹ 20,000

• ₹ 16,000

• ₹ 1,80,000