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प्रश्न
Pick the odd one out
विकल्प
Partners share profits and losses equally
Interest on partners’ capital is allowed at 7% per annum
No salary or remuneration is allowed to partners
Interest on loan from partners is allowed at 6% per annum.
उत्तर
Interest on partners’ capital is allowed at 7% per annum
APPEARS IN
संबंधित प्रश्न
From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 2018.
Balance sheet as on 31st December, 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Fixed assets | 70,000 | ||
| Subha | 40,000 | Current assets | 50,000 | |
| Sudha | 60,000 | 1,00,000 | ||
| Current liabilities | 20,000 | |||
| 1,20,000 | 1,20,000 |
Drawings of Subha and Sudha during the year were ₹ 8,000 and ₹ 10,000 respectively. Profit earned during the year was ₹ 30,000.
From the following balance sheets of Rajan and Devan who share profits and losses 2 : 1, calculate interest on capital at 6% p.a. for the year ending 31st December, 2018.
Balance sheet as on 31st December, 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Sundry assets | 2,20,000 | ||
| Rajan | 1,00,000 | |||
| Devan | 80,000 | 1,80,000 | ||
| Profit and loss appropriation A/c | 40,000 | |||
| 2,20,000 | 2,20,000 |
On 1st April, 2018, Rajan introduced an additional capital of ₹ 40,000 and on 1st September, 2018, Devan introduced ₹ 30,000. Drawings of Rajan and Devan during the year were ₹ 20,000 and ₹ 10,000 respectively. Profit earned during the year was ₹ 70,000.
Ahamad and Basheer contribute ₹ 60,000 and ₹ 40,000 respectively as capital. Their respective share of profit is 2 : 1 and the profit before interest on capital for the year is ₹ 5,000. Compute the amount of interest on capital in each of the following situations:
- if the partnership deed is silent as to the interest on capital
- if interest on capital @ 4% is allowed as per the partnership deed
- if the partnership deed allows interest on capital @ 6% per annum.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:
| Date | ₹ |
| February 1 | 2,000 |
| May 1 | 10,000 |
| July 1 | 4,000 |
| October 1 | 6,000 |
Calculate the amount of interest on drawings.
Santhosh is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 6% per annum. During the year ended 31st December, 2018 he withdrew as follows:
| Date | ₹ |
| February 1 | 2,000 |
| May 1 | 10,000 |
| July 1 | 4,000 |
| October 1 | 6,000 |
Calculate the amount of interest on drawings by using the product method.
Kavitha is a partner in a firm. She withdraws ₹ 2,500 p.m. regularly. Interest on drawings is charged @ 4% p.a. Calculate the interest on drawings using average period, if she draws
- at the beginning of every month
- in the middle of every month
- at the end of every month
Mani is a partner, who withdrew ₹30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that the fluctuating capital method is followed.
