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Fluctuating Capital Account
Quiz 1
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Q.1
According to Profit and Loss Account, the net profit for the year is ₹4,20,Salary of a partner is ₹5,per month and the commission of another partner is ₹10,The interest on drawings of partners is ₹4,The divisible profit as per Profit and Loss Appropriation Account will be :
3,54,000
3,46,000
4,09,000
4,01,000
Q.2
Is rent paid to a partner appropriation of profits?
It is appropriation of profit
It is not appropriation of profit
If partner’s contribution as capital is maximum
If partner is a working partner.
Q.3
A partner introduced additional capital of ₹30,and advanced a loan of ₹40,to the firm at the beginning of the year. Partner will receive year’s interest:
4,200
2,400
Nil
1,800
Q.4
On 1st Junea partner introduced in the firm additional capital ₹50,In the absence of partnership deed, on 31st Marchhe will receive interest :
₹3,000
Zero
2,500
1,800
Q.5
Verma and Kaul are partners in a firm. The partnership agreement provides that interest on drawings should be charged @p.a. Verma withdraws Rs. 2,per month starting from Aprilto MarchKaulwithdrew Rs, 3,per quarter, starting from AprilCalculate interest on partner’s drawings.
Verma 780 and Kaul 450
Verma 450 and Kaul 780
Verma 870 and Kaul 540
Verma 540 and Kaul 870
Q.6
The P & L Appropriation A/c shows how the profits of the business are being used and shared among its owners
True
False
Q.7
Ram and Syam are partners sharing profits/losses equally. Ram withdrew Rs. 1,p.m. regularly on the first day of every month during the year 2015-for personal expenses. If interest on drawings is charged @p.a. Calculate interest on the drawings of Ram.
225
300
325
600
Q.8
Ram & Shyam are partners with the capital of Rs.25,and Rs.15,respectively. Interest payable on capital isp.a. Find the profit to be shared by the partners if profit earned by the firm before interest charges is Rs.2,400.
Rs.2500 & RS.1500
Rs.1500 & RS.900
Rs.1200 & RS.1200
None of the above
Q.9
Himani and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:The balance in their fixed capital accounts, on Aprilwere: Himani, Rs. 6,00,and Kajal, Rs. 8,00,The profit of the firm for the year ended Marchwas Rs, 1,26,Calculate their shares of profits, when there is no agreement in respect of interest on capital
Profit : Priya, Rs. 76,500; Kajal, Rs. 67,250
Profit : Priya, Rs. 78,750; Kajal, Rs. 47,250
Profit : Priya, Rs. 75,780; Kajal, Rs. 74,250
Q.10
Which of the following elements of the nature of partnership is so important that there would be no partnership, if this element is absent?A
Agreement
Sharing of Profit
Lawful Business
Mutual Agency
Q.11
Rani and Suman are in partnership with fixed capitals of Rs, 80,and Rs. 60,respectively. During the year 2015-Rani withdrew Rs. 10,from her capital and Suman Rs. 15,Profits before charging interest on capital was Rs. 50,Rani and Suman shared profits in the ratio of 3:Calculate the amounts of interest on their capitals @p.a. for the year ended March2016.
Rani, Rs. 6,000; Suman, Rs. 9,300
Rani, Rs. 9,000; Suman, Rs. 6,300
Rani, Rs. 8,000; Suman, Rs. 6,500
Rani, Rs. 19,000; Suman, Rs. 16,300
Q.12
Rani and Shyam is partner in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net profit will be distributed among partner in
1 : 2
Profit Sharing Ratio
Capital Ratio
Equally
Q.13
A is a partner in a firm .He withdrew rupeesat the end of each quarter during the year ended 31st MarchHis interest on drawings @will be
1350
2250
900
1800
Q.14
Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:Mohan is an active partner. He wants a salary of Rs. 10,per year;
valid
invalid
Q.15
Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
Profits
Reserves
Accumulated Profits
Goodwill
Q.16
A partner withdraws rupeeseach 1st April and 1st October .interest on his drawing is drawing @per annum on 31st March will be
480
720
240
960
Q.17
Y is a partner in a Firm. He withdrew regularly 3,rupees at the end every month for six months ending 31st Marchif interest on drawing is charged @per annum, the interest charged will be
375
450
525
900
Q.18
In the absence of partnership deed, the following rule will apply :
No interest on capital
Profit sharing in capital ratio
Profit based salary to working partner
9% p.a. interest on drawings
Q.19
A,B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the firm earned profit of Rs. 84,000.Calculate the amount of Profit or Loss transferred to the capital A/c of B.
Loss Rs. 87,000
Profit Rs.28,000
profit Rs. 87,000
Profit Rs.14,000
Q.20
A and B are partners in partnership firm without any agreement. A has given a loan of ₹50,to the firm. At the end of year loss was incurred in the business. Following interest may be paid to A by the firm :
@5% Per Annum
@6% Per Annum
@ 6% Per Month
As there is a loss in the business, interest can’t be paid
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