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Read the hypothetical text and answer the following questions.P, Q and R are partners in a firm. Their capitals are ₹ 30,000, ₹ 20,000 and ₹ 10,000 respectively. As per partnership deed, i) R is to be allowed remuneration of ₹ 3,000 p.a.ii) Interest on capital @ 5% p.a. iii) Profits should be distributed in the ratio of 2:2:1. Ignoring the above terms, net profit of ₹ 18,000 was distributed among the partners equally.1. How much interest on capital is to be credited to the partner P? a) ₹ 1,500 b) ₹ 1,000 c) ₹ 900 d) ₹ 800 2. How much profit is to be credited to the Partner Q after all adjustments? a) ₹ 2,400 b) ₹ 4,800 c) ₹ 1,000 d) ₹ 1,2003. What is the total profit to be credited to P, Q and R after all adjustments? a) ₹ 12,000 b) ₹ 8,000 c) ₹ 9,000 d) ₹ 10,000 4. What is the amount of the past adjustment entry? a) ₹ 350 b) ₹ 450 c) ₹ 250 d) ₹ 550 |
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Answer» 1. a) ₹ 1,500 2. b) ₹ 4,800 3. a) ₹ 12,000 4. b) ₹ 450 |
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