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Class 12 · Accountancy · Expert
→A and B share profits in the ratio of 2:1. A is entitled to an annual salary of ₹24,000. A became a partner on 1 July, and the accounting year ends on 31 March. How much salary will A receive for that year?
Class 12 · Accountancy · Expert
→A partner introduced capital (₹120000) at the beginning of the year. On 1 October (₹60000) was converted into loan. Interest on capital is (10%) and loan interest is (6%). What is total interest?
Class 12 · Accountancy · Hard
→A and B share profits in the ratio 3:2. Income of ₹15,000 was omitted from the recorded profit of ₹1,00,000. By how much will B’s share increase on rectification?
Class 12 · Accountancy · Hard
→If interest on drawings was wrongly credited to a partner’s account when it should have been debited, what entry is required for rectification?
Class 12 · Accountancy · Expert
→Interest on capital is ₹22,000, partner’s salary is ₹18,000, and interest on drawings is ₹5,000. What will be the net debit effect in the Profit and Loss Appropriation Account?
Class 12 · Accountancy · Expert
→A and B share profits in the ratio 5:5. Before the normal distribution of profit, A is to receive a bonus of ₹25,000. If the total profit is ₹90,000, what will be B's share of profit?
Class 12 · Accountancy · Expert
→Partner A is to get (12%) commission on profit after profit distribution but before commission. Profit is (₹150000). On what base is commission calculated?
Class 12 · Accountancy · Expert
→A and B share profits in (3:2). Last year interest on capital (₹25000) was to be allowed but was omitted. A and B's claims are (₹10000) and (₹15000). What will happen in rectification?
Class 12 · Accountancy · Hard
→A and B share profits equally. B gave the firm a loan of ₹1,00,000 on 1 April. The deed provides interest on the loan at 9% per annum. The firm incurred a loss of ₹4,000. What is B’s loan interest?
Class 12 · Accountancy · Expert
→A and B have capitals of (₹240000) and (₹160000). Interest on capital is (7.5%). Profit is only (₹20000). How much interest will A receive?
Class 12 · Accountancy · Expert
→The deed provides partner salary but the firm has a loss of (₹5000). What is the correct treatment of salary?
Class 12 · Accountancy · Medium
→If the partnership deed states that interest on capital is payable only when there is profit, what is its treatment in a year of loss?
Class 12 · Accountancy · Hard
→A and B share profits in the ratio 4:3. The profit is ₹98,000. A is entitled to a salary of ₹14,000 and B to a commission of ₹7,000. What is A’s final share of profit?
Class 12 · Accountancy · Expert
→A partner used firm's goods worth (₹9000) for personal purpose. What is the correct adjustment?
Class 12 · Accountancy · Expert
→The firm paid partner's personal life insurance premium (₹15000). How should it be recorded?
Class 12 · Accountancy · Expert
→A and B share profits in the ratio 2:3. The books show a profit of ₹70,000, but an expense of ₹10,000 was omitted. By how much will A's share of profit decrease after rectification?
Class 12 · Accountancy · Expert
→A and B share profits in (3:1). Interest on B's drawings (₹8000) was omitted. Profit had already been distributed. Who will gain and by how much in rectification?
Class 12 · Accountancy · Expert
→A's capital is (₹200000). He introduced additional capital (₹50000) on 1 July and withdrew capital (₹30000) on 1 January. Rate is (8%). What is interest on capital for the year?
Class 12 · Accountancy · Expert
→Under fluctuating capital method closing capital is (₹160000), drawings (₹20000), interest on capital (₹12000) and profit share (₹30000). What was opening capital?
Class 12 · Accountancy · Expert
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