12th cbse accountancy 2nd oct 2024

Which one of the following items cannot be recorded in the profit and loss appropriation account?

• Interest on capital

• Interest on drawings

• Rent paid to partners

• Partner's salary

If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to:

• B/S Assets side

• B/S Liability Side

• Partner's Capital A/c

• Partner's Current A/c

A. B and C were Partners with capitals of ₹50,000; ₹40,000 and ₹30,000 respectively carrying on business in partnership. The firm's reported profit for the year was ₹80,000. As per provision of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of ₹20,000 in addition to his capital contribution.

• ₹26,267 for Partner B and C and 27,466 for Partner A.

• ₹26,667 each partner.

• ₹33,333 for A 26,667 for B and ₹20,000 for C.

• 30,000 each partner.

X, Y and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. Profit before interest on partner's capital was ₹6,000 and Y determined interest @24% p.a. on his loan of ₹80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.

• ₹2,000 to each partner.

• Loss of ₹4,400 for X and Z; Y will take 14,800.

• ₹400 for X, ₹5,200 for Y and ₹400 for Z.

• None of the above.

X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profit before interest on partner's capital was ₹6,00,000 and Z demanded minimum profit of ₹5,00,000 as his financial position was not good. However, there was no written agreement on this point.

• Other partners will pay Z the minimum profit and will share the loss equally.

• Other partners will pay Z the minimum profit and will share the loss in capital ratio.

• X and Y will take ₹50,000 each and Z will take 5,00,000.

• ₹2,00,000 to each of the partners.