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Directions: Read the following case study and answer questions on the basis of the same.
Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.
Sam also withdrew ₹ 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.
Tom introduced ₹ 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was ₹ 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.
Total amount of salary credited to the partner’s account is
Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.
Sam also withdrew ₹ 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.
Tom introduced ₹ 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was ₹ 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.
Total amount of salary credited to the partner’s account is
- a)₹ 12,000
- b)₹ 48,000
- c)₹ 96,000
- d)₹ 2,88,000
Correct answer is option 'C'. Can you explain this answer?
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Directions: Read the following case study and answer questions on the ...
S during the year was 48,000.
1. What was the total amount of interest on drawings paid by the partnership?
- The total amount of interest on drawings can be calculated by multiplying the total drawings by the interest rate. Sam withdrew 1,00,000 on 31st December, 2020, so the interest on this withdrawal would be (1,00,000 * 10% = 10,000). Since Sam and Tom both withdrew a salary of 12,000 per quarter, the total drawings for the year would be (12,000 * 4 = 48,000). Therefore, the total amount of interest on drawings paid by the partnership would be (10,000 + 48,000 = 58,000).
2. What was the total capital of the partnership after Tom introduced additional capital?
- The total capital of the partnership after Tom introduced additional capital can be calculated by adding the existing capital to the additional capital introduced. Since the case study does not mention the existing capital, we cannot determine the total capital after Tom's introduction of additional capital.
3. How much did Sam and Tom receive as their share of the net distributable profit?
- The net distributable profit was 2,00,000. The partnership provided 25% to the general reserve, so the remaining amount available for distribution between Sam and Tom would be (2,00,000 - (2,00,000 * 25%) = 1,50,000). Since the case study does not mention the profit sharing ratio between Sam and Tom, we cannot determine how much each of them received as their share of the net distributable profit.
4. What was the total amount of salary credited to the partners during the year?
- The total amount of salary credited to the partners during the year was 48,000. This is calculated by multiplying the quarterly salary of 12,000 by the number of quarters in a year (4).
1. What was the total amount of interest on drawings paid by the partnership?
- The total amount of interest on drawings can be calculated by multiplying the total drawings by the interest rate. Sam withdrew 1,00,000 on 31st December, 2020, so the interest on this withdrawal would be (1,00,000 * 10% = 10,000). Since Sam and Tom both withdrew a salary of 12,000 per quarter, the total drawings for the year would be (12,000 * 4 = 48,000). Therefore, the total amount of interest on drawings paid by the partnership would be (10,000 + 48,000 = 58,000).
2. What was the total capital of the partnership after Tom introduced additional capital?
- The total capital of the partnership after Tom introduced additional capital can be calculated by adding the existing capital to the additional capital introduced. Since the case study does not mention the existing capital, we cannot determine the total capital after Tom's introduction of additional capital.
3. How much did Sam and Tom receive as their share of the net distributable profit?
- The net distributable profit was 2,00,000. The partnership provided 25% to the general reserve, so the remaining amount available for distribution between Sam and Tom would be (2,00,000 - (2,00,000 * 25%) = 1,50,000). Since the case study does not mention the profit sharing ratio between Sam and Tom, we cannot determine how much each of them received as their share of the net distributable profit.
4. What was the total amount of salary credited to the partners during the year?
- The total amount of salary credited to the partners during the year was 48,000. This is calculated by multiplying the quarterly salary of 12,000 by the number of quarters in a year (4).
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Directions: Read the following case study and answer questions on the ...
Total Salary = 2 x (4 x 12,000) = ₹ 96,000
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Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer?
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Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer?.
Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer?.
Solutions for Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12.
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Here you can find the meaning of Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Directions: Read the following case study and answer questions on the basis of the same.Sam and Tom decided to set up a partnership to sell low-sodium, plant based vegan snacks. Since both of them had a family, they decided to withdraw a salary of 12,000 per quarter.Sam also withdrew 1,00,000 on 31st December, 2020 to get her wife treated for Covid-19. The partnership deed provided for 10% p.a. interest on drawings.Tom introduced 50,000 as additional capital on 31stjanuary, 2021 to increase the inventory. The net distributable profit was 2,00,000 which was divided between Sam and Tom after providing 25% to general reserve.Total amount of salary credited to the partner’s account isa) 12,000b) 48,000c) 96,000d) 2,88,000Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Class 12 tests.
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