9th sep 12th Accountancy

Anu, Bindu and Siya were partners in a firm sharing profits and losses in the ratio of 2:2:1. Siya was guaranteed that her share of profit will not be less than 50,000. The firm's profit for the year ended 31st March, 2022 was 2,00,000. The amount of deficiency to be

borne by Anu was

• ₹ 10,000

• ₹ 2,500

• ₹ 75,000

• ₹ 5,000

Assertion (A): Interest on partners' loan is debited to Profit and Loss Account.

Reason (R): Interest on partners' loan is a charge against profits.

On the basis of the above Assertion (A) and Reason (R), choose the correct option from the following:

• Assertion ( A) is correct and Reason (R) is wrong

• Assertion (A) is wrong and Reason (R) is correct

• Both Assertion (A) and Reason (R) is correct

• Both Assertion (A) and Reason (R) is wrong

Average capital employed in a firm is ₹1,60,000. The normal rate of return is 15% and average profits are ₹ 60,000. Value of goodwill by capitalisation of average profit method is

• ₹ 16,40,000

• ₹ 4,00,000

• ₹ 2,40,000

• ₹ 14,40,000

A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future profits and losses in the ratio of 2:3:4 with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is:

Workmen Compensation Reserve ₹ 65,000

At the time of reconstitution, a certain amount of claim on workmen compensation was determined for which B's share of loss amounted to ₹5,000. The Claim for workmen compensation would be

• ₹ 15,000

• ₹ 70,000

• ₹ 50,000

• ₹ 80,000

Rohit and Mohit were partners sharing profits and losses in the ratio of 2: 1. Their Capital Accounts as on 31st March, 2021 had a credit balance of₹ 1,09,000 and 66,000 respectively. They admitted Sahil as a new partner on 1st April, 2021 for 1/5th share in profits. Sahil brought 25,000 as his share of goodwill premium. He agreed to contribute capital in new profit-sharing ratio. The amount of capital brought by Sahil was

• ₹ 40,000

• ₹ 32,000

• ₹ 12,50,000

• ₹ 50,000