Bill and Monica are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among Bill and Monica is:
Interest and dividend earned by financial company is shown in Statement of Profit & Loss under the sub-head:
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R).
Assertion (A): A company has postponed paying suppliers, so that the period-end cash balance appears higher in the books of the company. This is an example of window dressing.
Reason (R): Through window dressing, a company can present a better financial position of the firm than the actual position.
In the context of the above statements, which one of the following is correct?
The following balances are extracted at the end of the accounting period from the books of Radhey Shyam as follows:
Plant & Machinery Rs. 2,00,000
Furniture Rs. 50,000
Building Rs. 5,00,000
Depreciation is to be charged:
20% on plant & machinery, 10% on furniture and 5% on Building. Calculate the amount of depreciation to be charged in the Profit and Loss account.
Identify the advantage of Computerized Accounting system.
Match List - I with List - II.
Choose the correct answer from the options given below :
What balance does a Partner’s Current Account has?
Following are the differences between Partnership and Joint Venture except.
X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Z demanded minimum profit of Rs. 5,000 as his financial position was not good. However, there was no written agreement. Profit to be distributed to X, Y and Z will be
Ram and Mohan, are partner’s. They draw for private use Rs. 6,000 and Rs. 4,000 respectively. Interest is changeable @ 6 percent per annum on drawings. What is the interest?
Ram is a partner. He made drawings as follows:
July 1 Rs. 200
August 1 Rs. 200
September 1 Rs. 300
November 1 Rs. 50
February 1 Rs. 100
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:
Subject to contract between the partners, interest on capital is to be provided out of profits only. In case of insufficient profits (i.e. net profit less than the amount of interest on capital), the amount of profit is distributed:
Kapur and Sharma are partners in a partnership firm. Calculate the interest on drawings made by Kapur and Sharma @ 10% p.a. for the year ending 31st December 2013. If, Kapur withdrew Rs. 2,000 per month in the beginning whereas Sharma withdrew same amount at the end of every month.
Aryan and Gauri were partner in a firm sharing profits and losses in the ratio of 2:1. Their capital was R.s. 90,000 and Rs. 60,000 respectively. They were entitled for interest on capital @ 12% p.a. The firm earned a profit of Rs.84,000 after allowing interest on capitals. Profits will be distributed among them will be:
Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta
If there is no partnership deed then interest on capital will be charged at ……….p.a.
Partners are suppose to pay interest on drawings only when _______by the _______
Would interest on loan be allowed in the absence of any agreement or when partnership deed is silent?
Seeta and Geeta are partners sharing profits and losses in the ratio 4:1. Meeta was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 6,78,000 before charging salary. Find the total remuneration of Meeta
Guarantee given to a partner ‘A’ by the other partners ‘B & C’ means
What time would be taken into consideration if equal monthly amount is drawn as drawings at the beginning of each month?
How would you close the Partner’s Drawings Account?
In the absence of any agreement, partners are liable to receive interest on their Loans @:
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