Introduction to Partnership Accounts-Test 2

When partnership deed is not registered a partnership firm is

Karan, Bittoo and Shravan are partners in a partnership firm. Karan withdraws Rs.5,000 per month in the beginning whereas Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate the interest on drawings of Karan, Bittoo and Shravan @ 10% p.a. for the year ending on 31st March, 2014.

Fluctuating capital account is credited with _____ .

In the absence of proper agreement, representatives of deceased partner are entitled to receive

In the absence of “Partnership deed” partners are entitled to ________ .

X, Y and Z are partners in a firm, At the time of division of profits for the year there were dispute between the partners. Profits before interest on partners loan was Rs.6,000. Y determined interest @ 24% p.a. on his loan of Rs.80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.

Suraj, Gulab and kamal are partners in a firm. They have no agreement in respect of profit sharing ratio and interest on capital. Suraj who has contributed maximum capital demands interest on capital @ 10% p.a. and the share of profit in the capital ratio. But Gulab and Kamal do not agree. In that case how shall you settle the case ?

Shukh and Shanti are partners with the capital of Rs.50,000 and Rs.30,000 respectively. The profit earned by the firm is Rs.6,000. Interest payable on capital is 10% p.a. subject to the provisions of Partnership Act. Find the interest on capital for both the partners.

Net profit of Ex Ltd. before allowing remuneration and commission to Mehta, the Manager was Rs.7,02,000. Mehta was entitled to a monthly remuneration of Rs.6,000 plus a commission of 5% of net profits after changing remuneration and such commission. Find out the total amount payable to Mehta.

At the end of the year 2016-17, Aman’s capital was Rs.5,00,000. The profit for the year was Rs.1,00,000. During the year he had drawn Rs.50,000 from the business from personal use. The interest on opening capital @ 10% for the year should be :

Interest on Capital will be paid to the partners if provided for in the agreement but only from _______ .