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Read the hypothetical text and answer the following questions .:P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹ 1,00,000 and ₹ 50,000 respectively. The partnership deed provided that interest on capital is to be given @ 10% p.a. For the year ended 31.03.2016, the profits of the year were distributed without providing interest on capital.Q1. How much amount is already debited to P’s current account?a) 2,500 b) ₹ 3,000 c) ₹ 7,500 d) ₹ 1,500 Q2. How much amount should be credited to P’s current account for Interest on capital? a) ₹ 8,000 b) ₹ 10,000 c) ₹ 9,000 d) ₹ 7,000 Q3. How much amount should be credited to Q’s current account for interest on capital? a) ₹ 2,000 b) ₹ 3,000 c) ₹ 5,000 d) ₹4,000 Q4. What was the amount of past adjustment entry? a) ₹ 2,500 b) ₹ 1,500 c) ₹ 1,200 d) ₹ 1,600 |
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Answer» Correct option is 1 c) ₹ 7,500 2 b) ₹ 10,000 3 c) ₹ 5,000 4 a) ₹ 2,500 |
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