मराठी

Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. - Accountancy

Advertisements
Advertisements

प्रश्न

Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹ 9,20,000. The amount of commission payable to Sumit will be ______.

पर्याय

  • ₹ 1,20,000

  • ₹ 1,38,000

  • ₹ 48,000

  • ₹ 55,200

MCQ
रिकाम्या जागा भरा

उत्तर

Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹ 9,20,000. The amount of commission payable to Sumit will be ₹ 1,20,000.

Explanation: 

Commission payable to Sumit = `₹ 9,20,000 xx 15/((100 + 15)) `

` = ₹ 9,20,000 xx 15/115`

= ₹ 1,20,000

shaalaa.com
Division of Profit Among Partners
  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
2022-2023 (March) Delhi Set 1

संबंधित प्रश्‍न

Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for Rs 2 crores. After a year, they sold it for Rs 3 crores and shared the profits equally. Are they doing the business in partnership? Give reason in support of your answer.


P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs 1,00,000 and Rs 50,000 respectively. The partnership deed provided for interest on capital @ 10% per annum. For the year ended 31st March 2016, the profits of the firm were distributed without providing interest on capital
Pass necessary adjustment entry to rectify the error.


A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1/4 of his share in favour of C. Calculate B's Sacrifice.


Choose the correct sequence of the following transactions in context of Division of Profits.

  1. Guarantee by Firm to Partners
  2. Guarantee by Partners to Firm
  3. Transfer of Profits to Profit and Loss Appropriation Account
  4. Guarantee by Partner to Partner

Mohan, Sohan and Suresh were partners in a firm sharing profits in the ratio of 2:2:1. Suresh was guaranteed a profit of ₹ 70,000. Any deficiency on account of guarantee to Suresh was to be borne by Mohan and Sohan in 3:2 ratio. The profit of the firm for the year ended 31.3.2022 amounted to ₹ 2,00,000.

Prepare Profit and Loss Appropriation Account of the firm for the year ended 31.3.2022. 


Rita and Usha were partners in a firm sharing profits and losses in the ratio of 3:5, During the year Usha ‘withdrew ₹ 15,000 at the end of each month. Interest on drawings is to be charged @ 8% p.a. The average period for the calculation of interest on drawings will be ______.


Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3 : 1. According to the partnership agreement. Raghav was guaranteed an amount of ₹ 40,000 as his share of profits. ‘The net profit for the year ended 31st March, 2022 amounted to ₹ 1,20,000.

Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.


Akhil and Nikhil were partners sharing profits and losses in the ratio of 3 : 2. Their fixed capitals ‘were ₹ 1,00,000 and ₹ 80,000 respectively. Interest on capital was agreed @ 6% p.a. Nikhil was to be allowed an annual salary o f₹ 9,200 During the year 2021-22, the net profit prior to the calculation of interest on capital but after charging Nikhil’s salary amounted to ₹1,20,000.

Prepare Profit and Loss Appropriation Account of the firm for the year ending 31st March, 2022.


Sonali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of 2: 2: 1. On 31st March, 2022 their Balance Sheet was as follows: 

Balance Sheet of Sonali, Sohan and Shivain as on 31st March, 2022.

Liabilities Amount (₹) Amount (₹) Assets Amount (₹)
Capitals Accounts:     Land and Building 6,00,000
Sonali  4,00,000 12,00,000 Plant and Machinery 5,00,000
Sohan 4,00,000 Debtors 1,60,000
Shivani 4,00,000 Stock 1,40,000
General Reserve    1,00,000 Cash in hand 1,20,000
Creditors   3,60,000 Cash at Bank 1,80,000
Bills Payable   40,000    
    17,00,000   17,00,000

Sohan died on 30th June, 2022. According to Partnership Deed, his executors were entitled to:

  1. interest on capital @12% p.a.
  2. His share of goodwill which was ₹ 48,000.
  3. His share of profit till the date of death was to be calculated on the basis of sales. The sales from 1st April, 2022 to 30th June, 2022 were ₹ 2,50,000. The sales and profits of the firm for the year ending 31st March, 2022 were ₹ 20,00,000 and ₹ 5,00,000 respectively.

    Prepare Sohan’s Capital Account to be presented to his executors. 


A, B and C were partners in a printer manufacturing firm. They were sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as follows:

Balance Sheet of A, B and C as on 31st March, 2022
Liabilities Amount (₹) Amount (₹) Assets Amount (₹)
Capitals:     Land and Building 3,00,000
A 1,50,000 5,50,000 Plant and Machinery 2,50,000
B 2,00,000 Debtors 80,000
C 2,00,000 Stock 70,000
General Reserve   2,50,000 Cash in hand 60,000
Creditors   30,000 Cash at Bank 90,000
Bills Payable   20,000    
    8,50,000   8,50,000

B died on 30th June, 2022. According to the partnership deed, his legal representatives are entitled to:

  1. ₹ 24,000 for his share of Goodwill.
  2. Interest on capital @ 12% p.a.
  3. His share of profit till the date of death calculated on the basis of sales. The sales from 1st April, 2022 to 30th June, 2022 were ₹ 1,25,000. The sales and profits of the firm for the year ending 31st March, 2022 were ₹ 10,00,000 and ₹ 2,50,000 respectively.

Prepare B's Capital Account to be rendered to his legal representatives.


P, Q and R were partners in a water dispenser manufacturing firm. They were sharing profit and losses in the ratio of 2 : 2 : 1. On 31st March, 2022, their Balance Sheet was as follows:

Balance Sheet. of P, Q and R as on 31st March 2022 
Liabilities Amount (₹) Amount (₹) Assets Amount (₹)
Capitals:     Plant and Machinery 1,25,000
P 50,000 2,75,000 Land and Building  1,50,000
Q 1,25,000 Debtors 40,000
R 1,00,000 Stock 35,000
General Reserve   1,25,000 Cash at Bank 75,000
Sundry Creditors   25,000    
    4,25,000   4,25,000

Q died on 30th June, 2022. According to the partnership deed, his legal representative were entitled to:

  1. Interest on capital @ 12% p.a.
  2. ₹ 12,000 for his share of Goodwill.
  3. His share of profit till the date of death was to be calculated on the basis of sales. The sales from 1st April 2022 to 30th March 2022 were ₹ 62,500. The sales and profits of the firm for the year ending 31st March 2022 was ₹ 5,00,000 and ₹ 1,25,000 representatives.

A and B are partners. B draws a fixed amount at the end of every quarter. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounted to ₹ 9,000. Drawings of B were ______.


Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter.

The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:


Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.

Following is their Profit & Loss Appropriation Account:

Particulars (₹) Particulars (₹)
To Interest on Capital   By Profit & loss account (After manager’s commission) __(2)__
Richa ______    
Anmol ______    
To Anmol’s Salary a/c 12,500    
To Profit transferred to: Richa’s Capital A/C (1) __(1)__    
Anmol’s Capital A/c ______    
  ______   ______

The amount to be reflected in blank (1) will be:


Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 80,000; ₹ 60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. 

The partnership deed provide that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:


Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter.

The average number of months for which interest on drawings will be calculated, will be:


Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×