12th cbse accountancy 27th sep 24

On 1st October, 2020, Amit, a partner, advanced a loan of 1,20,000 to the firm. In the absence of Partnership Deed, the amount of interest on loan to be paid on 31st March, 2021 will be

• ₹3,600.

• ₹7,200.

• ₹12,000.

• ₹6,000.

Amit, Sumit and Kiara are partners sharing profits and losses in the ratio 2:2:1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹9,20,000. The amount of commission payable to Sumit will be

• ₹1,20,000.

• ₹1,38,000.

• ₹48,000.

• ₹55,200.

Interest on Partner's Loan is credited to

• Partner's Fixed Capital Account.

• Partner's Current Account.

• Partner's Loan Account.

• Partner's Drawings Account.

A, B and C are in partnership business. A used 2,00,000 belonging to the firm without the information to other partners and made a profit of 35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

• A need to return only 2,00,000 to the firm.

• A is required to return 35,000 to the firm.

• A is required to pay back 35,000 only equally to B and C.

• A need to return 2,35,000 to the firm.

Annu, Banu and Chanu are partners, Chanu has been given a guarantee of minimum profit of 8,000 by the firm. Firm suffered a loss of ₹ 5,000 during the year. Capital Account of Banu will be by

• Credited, 6,500

• Debited, 6,500

• Credited, 1,500

• Debited, ₹1,500