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On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. 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 On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer?.

Solutions for On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. 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 On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer?, a detailed solution for On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice On the basis of following information, answer the given questions:Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. Their fixed capitals as on 1st April, 2016 were ₹ 6,00,000 and ₹ 4,00,000 respectively.Their partnership deed provides for the following :(i) Partners are to be allowed interest on their capital @ 10% per annum.(ii) They are to be charged interest on drawings @ 4% per annum.(iii) Asif is entitled to a salary of ₹ 2,000 per month.(iv) Ravi is entitled to a commission of 5% of the net profit of the firm before charging such commission.(v) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.The net profit of the firm for the year ended 31st March, 2017, before providing for any of the above clauses was ₹ 4,00,000.Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.The amount of Interest on Asif’s Capital, shown in the Profit and Loss Appropriation Account is:a)₹ 60,000b)₹ 40,000c)₹ 20,000d)₹ 30,000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.