In the absence of partnership deed, interest on loan of a partner is allowed :

Partners current accounts are opened when their capital accounts are:

A,B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84,000.

Calculate the amount of Profit or Loss transferred to the capital A/c of B.

Y is a partner in a Firm. He withdrew regularly 3,000 rupees at the end every month for six months ending 31st March 2016 if interest on drawing is charged @ 10% per annum, the interest charged will be

A partner withdraws rupees 8000 each 1st April and 1st October .interest on his drawing is drawing @ 6% per annum on 31st March will be

A is a partner in a firm .He withdrew rupees 10000 at the end of each quarter during the year ended 31st March 2017. His interest on drawings @ 9% will be

Does partnership firm has a separate legal entity?

In the absence of an agreement to the contrary, partners share profits and losses in the

Interest payable on the capitals of the partners is charged to

A partnership firm has 50 members. All the partners have agreed to admit Riya and Priya as new partners. Can Riya and Priya be admitted?

When the partners capitals are fixed, the drawings made by a partner will be recorded in _____.

Which one of the following items is recorded in the Profit and Loss appropriation account

As per section a minor may be admitted for the benefit of the partnership if:-

Features of partnership are

Which of the following is an appropriation of profit?

Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be distributed among partner in

Ram & Shyam are partners with the capital of Rs.25,000 and Rs.15,000 respectively. Interest payable on capital is 10% p.a. Find the profit to be shared by the partners if profit earned by the firm before interest charges is Rs.2,400.

Rani and Suman are in partnership with fixed capitals of Rs, 80,000 and Rs. 60,000, respectively. During the year 2015-16, Rani withdrew Rs. 10,000 from her capital and Suman Rs. 15,000. Profits before charging interest on capital was Rs. 50,000. Rani and Suman shared profits in the ratio of 3:2. Calculate the amounts of interest on their capitals @ 12% p.a. for the year ended March 31, 2016.

Himani and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Himani, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits, when there is no agreement in respect of interest on capital

Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @ 6% p.a. Verma withdraws Rs. 2,000 per month starting from April 01, 2019 to March 31, 2020. Kaul

withdrew Rs, 3,000 per quarter, starting from April 01, 2019. Calculate interest on partner’s drawings.

how is/was the quiz?

According to Profit and Loss Account, the net profit for the year is ₹4,20,000. Salary of a partner is ₹5,000 per month and the commission of another partner is ₹10,000. The interest on drawings of partners is ₹4,000. The divisible profit as per Profit and Loss Appropriation Account will be :

A and B are partners. C is admitted into the firm for 1/3rd share of profit with a guaranteed profit of Rs. 10,000 p.a. The firm's net profit during a year is Rs. 24,000. If A is the guarantor, how much profit would be given to A.?

X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be :