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Class 12 · Accountancy
→A and B share profits in the ratio 4:1. Total profit is ₹60,000. B is guaranteed a minimum profit of ₹20,000, and A will bear any deficiency. What is B’s final profit?
Class 12 · Accountancy
→The partnership deed says interest on capital is (8%) and interest on drawings is (10%). Which side is correct in profit and loss appropriation account?
Class 12 · Accountancy
→A partner paid (₹5000) from personal funds for firm expenses and the firm has not yet reimbursed it. What is the adjustment?
Class 12 · Accountancy
→If the firm paid a partner's personal expense of (₹7000) and it is treated as drawings what is its effect on the capital account?
Class 12 · Accountancy
→At year end a partner's capital account has credit balance (₹90000). It already includes credit interest on capital (₹6000) and debit drawings (₹10000). What was the opening capital if there was no other change?
Class 12 · Accountancy
→A withdrew (₹6000) in the middle of each quarter. Rate is (8%) per annum. What is interest on drawings for the year?
Class 12 · Accountancy
→A introduced capital of ₹1,20,000 on 1 April and additional capital of ₹30,000 on 1 January of the same accounting year. Interest on capital is allowed at 10% per annum, and the accounting year ends on 31 March. What is the total interest on capital?
Class 12 · Accountancy
→A and B share profits in (3:2). Interest on A's drawings (₹5000) was omitted and profit (₹75000) was already distributed. What is the final effect in rectification?
Class 12 · Accountancy
→A new partnership deed changes the profit ratio but the previous year's profit had to be shared in the old ratio. Which principle applies while making adjustment?
Class 12 · Accountancy
→A's salary is (₹20000) and interest on capital is (₹10000). B's interest on capital is (₹20000). Total available profit is (₹25000) and there is no priority. How much will A receive in total?
Class 12 · Accountancy
→If both interest on capital and partner salary are payable but profit is insufficient how is the available profit normally allocated?
Class 12 · Accountancy
→A and B have capitals of (₹100000) and (₹50000). Profit ratio is (2:3). Interest on capital is (12%) and profit is sufficient. In what ratio will total interest be credited?
Class 12 · Accountancy
→Profit as per profit and loss account is (₹140000). Interest on partner's loan (₹8000) has not yet been deducted. What is the profit available for appropriation?
Class 12 · Accountancy
→A is to receive annual salary of (₹18000) but he was partner for only (9) months. If the deed says salary is time based what is A's salary?
Class 12 · Accountancy
→A partner withdrew (₹20000) on 1 April and (₹30000) on 1 October. Rate is (10%) per annum and the year ends on 31 March. What is interest on drawings?
Class 12 · Accountancy
→A and B share profits in (2:1). Interest on drawings is (₹3000) for A and (₹6000) for B. What will this adjustment do before profit distribution?
Class 12 · Accountancy
→The firm has suffered a loss, and interest on a partner’s loan is payable. What is the correct treatment of this interest?
Class 12 · Accountancy
→Interest is payable on a partner's loan. If the deed is silent what rate of interest is allowed on partner's loan?
Class 12 · Accountancy
→Interest on capital (₹24000) was omitted last year. Profit had been shared in (3:1). A and B's interest amounts are (₹15000) and (₹9000). Who will gain in rectification?
Class 12 · Accountancy
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