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Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following hypothetical text and answer the given questions:Amit and Mahesh were partners in a fast-food corner sharing profits and losses in ratio 3:2. They sold fast food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively. At the end of first year their profit was ₹1,20,000 before allowing the remuneration of ₹3,000 per quarter to Amit and ₹2,000 per half year to Ranju. Such a promising performance for the first year was encouraging, therefore, they decided to expand the area of operations.For this purpose, they needed a delivery van, a few Scotties and an additional person to support. Six months into the accounting year they decided to admit Sundram as a new partner and offered him 20% as a share of profits along with a monthly remuneration of ₹2,500. Sundram was asked to introduce ₹1,30,000 for capital and ₹70,000 as premium for goodwill. Besides this Sundram was required to provide ₹1,00,000 as loan for two years. Sundram readily accepted the offer. The terms of the offer were duly executed and he was admitted as a partner.Remuneration will be transferred to ________ of Amit and Mahesh at the end of the accounting period.a)Capital accountb)Loan accountc)Current accountd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.