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Class 12 · Accountancy
→A and B share profits in the ratio 3:2. A was entitled to a salary of ₹24,000, but it was omitted from the accounts. The profit has already been distributed. By what amount will B’s account be debited in the adjustment entry?
Class 12 · Accountancy
→A withdrew ₹10000 on 1 April ₹16000 on 1 August and ₹24000 on 1 December. The year ends on 31 March and the interest rate is 9%. What is the interest on drawings?
Class 12 · Accountancy
→C withdrew ₹15000 in the middle of each quarter. Interest on drawings is 12% per annum. What is the interest?
Class 12 · Accountancy
→B withdrew ₹6000 at the end of every month. Interest on drawings is 10% per annum. What will be the interest?
Class 12 · Accountancy
→A withdrew ₹4000 at the beginning of every month. Interest on drawings is 9% per annum. What will be the interest for the year?
Class 12 · Accountancy
→Net profit in the Profit and Loss Appropriation Account is ₹200000. Interest on drawings is ₹8000. Partner salary is ₹40000 interest on capital is ₹30000 and commission is ₹10000. What will be the remaining distributable profit?
Class 12 · Accountancy
→A and B share profits in (2:3). At year end A's final share is (₹46000) including salary (₹10000) and interest on capital (₹6000). What was total residual profit?
Class 12 · Accountancy
→The debit side of the Profit and Loss Appropriation Account shows interest on capital of ₹36,000 and partners’ salary of ₹24,000. The credit side shows net profit of ₹90,000 and interest on drawings of ₹6,000. What amount of residual profit will be distributed among the partners?
Class 12 · Accountancy
→A claims salary (₹30000) and interest on capital (₹20000). B claims interest on capital (₹25000). Profit is (₹45000) and all claims are to be reduced proportionately. How much will B receive?
Class 12 · Accountancy
→If profit is insufficient and the deed says salary is allowed first and then interest on capital what is the order?
Class 12 · Accountancy
→Partner A paid a firm expense of ₹16,000 from his personal bank account. The profit had already been determined, and this expense was not recorded in the books. What is the correct double effect?
Class 12 · Accountancy
→A and B share profits in (3:2). Profit (₹50000) was wrongly shared equally. What will happen in rectification?
Class 12 · Accountancy
→A and B distributed profit (₹81000) in (4:5). The correct ratio was (5:4). What will happen in rectification?
Class 12 · Accountancy
→If the deed is silent what is the correct rule for interest on capital?
Class 12 · Accountancy
→If the deed is silent can a partner be allowed salary?
Class 12 · Accountancy
→A and B share profits in the ratio of 2:1. Interest on A’s drawings is ₹9,000 and on B’s drawings is ₹3,000. By how much will the firm’s total profit increase before profit distribution?
Class 12 · Accountancy
→A partner withdrew total (₹48000) equally at the beginning of each quarter during the year. Rate is (7.5%). What is interest on drawings?
Class 12 · Accountancy
→A partner withdrew total (₹36000) equally at the end of each quarter during the year. Rate is (10%). What is the interest?
Class 12 · Accountancy
→A and B share profits in (7:5). Total profit was (₹144000). Partner salary (₹24000) payable to A was omitted. What will be B's profit after correction?
Class 12 · Accountancy
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