Which sentence is correctly capitalized and punctuated?
i saw Mike run like the wind.
I saw Mike run like the wind
I saw mike run like the wind?
I saw Mike run like the wind.
X and Y are partners with the capital of Rs 50, 000 and Rs 30, 000 respectively. Interest payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs 4, 800.
None of these
No interest will be paid to the partners.
5000 and 3000
3000 and 1800
Is interest on capital provided in full during insufficiency of profits?
No, it is provided up to the extent of profits only.
None of the above
Yes, it is provided during insufficiency of profits
A and B were partners in a business sharing profits and losses in the ratio of 3 : 1, They decided to dissolve the partnership on March 31, 2015. On that date, their Capitals stood at Rs 1, 00, 000 and Rs 50, 000 respectively. Amount owing by A to the firm was Rs 42, 000 and the amount owed by the firm to B was Rs 15, 000; Creditors were Rs 25, 000 and Cash Rs 5, 000. The assets other than the amount owing by A to the firm realised Rs 64, 000. The expenses of realisation amounted to Rs 1, 000.
Prepare the Memorandum Balance Sheet of the firm immediately prior to dissolution and necessary ledger accounts to close the books of the firm.
A, B and C were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On 01-04-2015, they decided to dissolve the firm. On that date A's capital was Rs. 1, 25, 000, B's capital was Rs. 45, 000 and C's capital was Rs. 15, 000 (Dr.). The creditors amounted to Rs. 23, 150 and cash in hand was Rs. 3, 920. The assets realised Rs. 1, 44, 910 and the expenses of dissolution were Rs. 1, 860. Prepare realisation account and show your workings clearly.
A, B and C decided to dissolve the partnership firm. The position as at 31st March, 2012, the date of dissolution, was as follows:
They share profit and losses in the ratio of A:12;B:310 and C:15.
Rs. 20, 000 of the debtors proved bad; the bills receivables were realised in full; the stock realised Rs. 1, 70, 000; Furniture was taken over by B at Book value and the expenses of Realisation amounted to Rs. 20, 000.
Prepare realisation account.
A & B are partners sharing profits & losses in the ratio of 3:2 having capital of Rs 80, 000 & Rs 50, 000 resp. They are entitled to 9% p.a. interest. During the year firm earned Rs 7, 800 after providing interest on capital. Profits apportioned between A & B shall be:
Rs 4, 680 & Rs 3, 120
Rs 5, 000 & Rs 2, 800
Rs 4, 000 & Rs 3, 000
Rs. 7, 200 & Rs. 4, 500
A and B are partners and the profit is divided as follows: 12 to A;13 to B and 16 carried to a Reserve Account. They admit C as a partner on 1st April, 2017 at which date the Balance Sheet of the firm was as under:
Following terms were agreed upon :
(i) Stock is undervalued by 10%.
(ii) Depreciation of Rs 30, 000 had been omitted on plant and machinery for the year ended 31st March, 2017.
(iii) Creditors include a contingent liability of Rs 50, 000 which has been decided by the Court at Rs 43, 000.
(iv) In respect of debtors, the following debts proved bad or doubtful : Rs 15, 000 due from Ram - bad to the full extent;
Rs 20, 000 due from Shyam - insolvent, estate expected to pay only 40%.
(v) Goodwill of the firm is valued at Rs 60, 000. However, C is unable to bring his share of goodwill in cash.
(vi) C is given 15th share of profits which he acquires equally from A and B. C is to bring in capital proportionate to his share of profits in the firm.
(vii) The partners decide that 5% of profit of each year be given to a N.G.O. (Non-Government Organisation) which is working for cleanliness drive in the area.
You are required to prepare revaluation account
|BALANCE SHEET as at 31st March, 2018|
|X's Capital A/c||2, 40, 000||
|2, 40, 000|
|Y's Capital A/c||1, 60, 000||Furniture||1, 50, 000|
Z's Capital A/c
|80, 000||4, 80, 000||Investments||40, 000|
|X's Current A/c||16, 000||Stock||64, 000|
|Y's Current A/c||5, 000||Sundry Debtors||50, 000|
|Reserve||60, 000||Bills Receivable||22, 000|
|Bills Payable||34, 000||Cash at Bank||37, 000|
|Sundry Creditors||40, 000||Cash in Hand||22, 000|
|Z's Current A/c||10, 000|
|6, 35, 000||6, 35, 000|
Amit and Bhola are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2017 were Rs 24, 000 and Rs 16, 000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.
X & Y started business on 1st April 2017 with capitals of Rs 5, 00, 000 & Rs 3, 00, 000 respectively. There is no withdrawal or addition of capital during the year.
Calculate the interest on capital @ 12% p.a. if the books of accounts are closed on 31st Dec 2017.
Rs 4500 & Rs 2700
Rs 2700 & Rs 4500
Rs 45, 000 & Rs 27000
Rs 27000 & Rs 45000
X and Y are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 1, 60, 000 and Rs. 1, 00, 000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year, the firm earned Rs. 15, 600 before allowing any interest on capital. Profits apportioned among X and Y is :
9, 600 and 6, 000
9, 360 and 6, 240
7, 100 and 2, 400
10, 000 and 5, 680
Interest on capital is usually provided only when the partners expressly agree upon for it.
Yes, the statement is true
None of the above
No, the statement is not true