12th accountancy cbse 4th oct 2024

Which of the following items is not dealt through Profit and Loss Appropriation Account?

• Interest on Partner's Loan

• Partner's Salary

• Interest on Partner's Capital

• Partner's Commission

Is rent paid to a partner appropriation of profits?

• It is appropriation of profit

• It is not appropriation of profit

• If partner's contribution as capital is maximum

• If partner is a working partner.

Sarvesh, Sriniketan and Srinivas are partners in the ratio of 5 : 3 : 2. If Sriniketan's share of profit at the end of the year amounted to ₹1,50,000, what will be Sarvesh's share of profits?

• ₹5,00,000.

• ₹1,50,000.

• ₹3,00,000.

• ₹2,50,000.

According to Profit and Loss Account, the net profit for the year is ₹1,50,000. The total interest on partner's capital is 18,000 and interest on partner's drawings is ₹2,000. The net profit as per Profit and Loss Appropriation Account will be:

• ₹1,66,000

• ₹1,70,000

• ₹1,30,000

• ₹1,34,000

In the absence of express agreement, interest @ 6% p.a. is provided:

• On opening balance of partner's capital accounts

• On closing balance of partner's capital accounts

• On loan given by partners to the firm

• On opening balance of partner's current accounts