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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
A
Rs. 1,22,000
B
Rs. 1,13,000
C
Rs. 1,17,000
D
Rs. 1,45,000
Correct Answer:
Rs. 1,45,000
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
A
Rs. 1,66,000
B
Rs. 1,70,000
C
Rs. 1,30,000
D
Rs. 1,34,000
X and Y are partners in the ratio of 3 : 2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000 respectively. The interest on capitals is allowed @ 8% per annum. The firm earned a profit of Rs. 60,000 for the year ending on 31
st
March 2019. The interest on capital will be
A
X - Rs. 16,000, Y - Rs. 8,000
B
X - Rs. 8,000, Y - Rs. 4,000
C
X - Rs. 14,400, Y - Rs. 9,600
D
No interest will be allowed
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?
A
Rs. 20,000 and Rs. 2,30,000
B
Rs. 2,15,000 and Rs. 23,500
C
Rs. 22,000 and Rs. 22,500
D
Rs. 22,350 and Rs. 22,450
E
Rs. 22,500 and Rs. 22,500
Ram of Allahabad filed a petition in the court for adjudication as insolvent. At that time one month's salary due to five clerks amounted to Rs. 2,000, one month's wages due to ten workers amounted to Rs. 1,500, rent and rates due amounted to Rs. 500. Income tax due amounted to Rs. 1,200 and one month's rent due amounted to Rs. 1,000. The amount of preferential creditors would be:
A
Rs. 2,000
B
Rs. 3,200
C
Rs. 4,200
D
Rs. 6,200
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:
A
1, 4, 5, 6
B
2, 3, 5, 7
C
1, 2, 6, 7
D
2, 3, 6, 7
X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15
th
day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?
A
Rs. 1,800 and Rs. 1,200
B
Rs. 900 and Rs. 600
C
Rs. 18,000 and Rs. 12,000
D
Rs. 150 and Rs. 100
A and B are partners in a firm. They are entitled to interest on their capitals, but the net profit was not sufficient for interest. In this case, the net profit will be distributed among partners in
A
Agreed ratio
B
Profit-sharing ratio
C
Capital ratio
D
Equally
Sony and Romy are equal partners with fixed capitals of Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31
st
March 2019, it was discovered that the interest on capitals was provided @ 8% per annum instead of 10% per annum. In the adjusting entry
A
Sony will be credited with Rs. 8,000 and Romy will be credited with Rs. 6,000
B
Sony will be debited with Rs. 8,000 and Romy will be debited with Rs. 6,000
C
Sony will be debited with Rs. 1,000 and Romy will be credited with in Rs. 1,000
D
Sony will be credited with Rs. 1,000 and Romy will be debited with Rs. 1,000
X, Y and Z are equal partners with fixed capitals of Rs. 5,00,000, Rs. 3,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31
st
March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry
A
X was debited with Rs. 2,000 and Z was credited with Rs. 2,000
B
X was credited with Rs. 2,000 and Z was debited with Rs. 2,000
C
Dr. X and Cr. Y by Rs. 2,000
D
Cr. X and Dr. Y by Rs. 2,000
Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31
st
March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry
A
Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500
B
Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500
C
Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000
D
Asha will be credited with Rs. 5,000 and Vipasha will be credited with Rs. 2,000