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According to the profit and loss account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and, interest on partner's drawings is Rs. 2,000. The net profit as per profit and loss appropriation account will be

Correct Answer: Rs. 1,34,000

A and B are partners with a profit-sharing ratio of 2 : 1 and capitals of Rs. 3,00,000 and Rs. 2,00,000, respectively. They are allowed 6% per annum interest on their cap itals and are charged 10% per annum interest on their drawings. Their drawings during the year were Rs. 60,000 for A and Rs. 40,000 for B. B's share of net profit as per profit and loss appropriation account amounted to Rs. 40,000. The net profit of the firm before any appropriation was

Which of the following are shown is profit and loss appropriation account?
1. Salary to staff
2. Salary to partners
3. Interest on capital
4. Fresh capital introduced
5. Share of profit
6. Amount of drawings
7. Interest on drawings
Select the correct answer:

Mr. jaman is insured completely for Tk. 150000 of damages to his machinaery . For any damage over Tk. 150000, the insurance company will payTk. 150000 plus only 15% of the additional amount For a recent accident. Mr. jaman was paid Tk. 156000 by the insurance company. What was the total amount of the damage estimated/

Re-arrange the following sentences into a meaningful paragraph. (A) comes into effect from today. The bank's savings account rate was 3.5 per cent during March 2003 to May 2011 for all savings bank account customers (B) The bank's decision comes two days ahead of RBI's monetary policy meet and is likely to trigger (C) with deposits of above Rs 1 crore, it said in a statement. The two-tier savings bank account interest rate (D) to 3.5 per cent, lowest in six years, a decision that will impact 90 per cent of its customers (E) The country's largest lender however will continue to pay 4 per cent interest on savings bank accounts (F) SBI today cut interest rate on savings bank account deposits up to Rs 1 crore by 0.5 per cent (G) rate war among peers. SBI's savings bank account base is of around Rs 9 lakh crore.

Arrange the following steps of 'adjustment of old partners' capital on the basis of incoming partner's capital in a correct order.
1. Ascertain the present capital of the old partners.
2. Calculation of total capital of firm on the basis of new partner's capital.
3. Finding the surplus/deficit capital.
4. Determining the new capital of each partner.
Select the correct answer:

The final accounts of a manufacturing company generally include the following statements. Select the correct sequence in the which the statements are prepared
i. Balance sheet
ii. Manufacturing account
iii. Profit and loss account
iv. Trading account
v. Profit and loss appropriation account

Which of the following statements are correct. Answer using the given below:
(1) Ascertainment of goods for sale is done by buyer.
(2) Appropriation of goods for sale is done by seller.
(3) Distinction between ascertainment of goods and appropriation of goods that former involves lithe element of common intention between buyer and seller", whereas later can be a unilateral act by buyer.
(4) Property in goods does not pass to buyer till appropriation.

A and B start a business, with A investing the total capital of Rs.50000, on the condition that B pays A interest @ 10% per annum on his half of the capital. A is a working partner and receives Rs.1500 per month from the total profit and any profit remaining is equally shared by both of them. At the end of the year, it was found that the income of A is twice that of B. Find the total profit for the year?

K and L start the business, with L investing the total capital of Rs. 40,000 on the condition that K pays L interest @ 8% per annum on his half of the capital. L is a working partner and receives Rs.1200 per month from the total profit and any profit reamaining is equally shared by both of them. At the end of the year, it was found that the income of L is twice that of K. Find the total profit for the year ?

X and Y are partners in a firm. X is entitled to a salary of Rs. 2,000 per month together with a commission of 10% of net profit before chargin any commission. Y is entitled to a salary of Rs. 5000 per annum together with a commission of 10% of net profit after charging all commissions. Net profit before charging any commission for the year was Rs. 55,000. What will be the net profits to be distributed to X and Y respectively?