Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000 and on January 01, 2020 Srishti withdrew Rs. 15,000 from their respective capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Amita and Kabuliwala are partners, sharing profits in the ratio of 2:2 with capitals of Rs.1,50,000 and Rs.30,000 respectively. Interest on capital is agreed @ 6% p.a. A commission of Rs. 5000 is to be allowed to manager. During the financial year 2024-25, on Oct. 01, 2024, Amita gave a loan of Rs. 1,00,000 to the firm without any agreement. During the year 2024-2025, a profit of Rs. 2,22,250 was earned. Calculate the profit that would be transferred to Profit & Loss Appropriation A/C.

When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______

Mukesh and Chittudeep are two partners. Mukesh and Chittudeep withdrew ₹ 30,000 each at the beginning of each quarter. Calculate interest on Chittudeep's drawings @10% p.a.

Central government has prescribed the maximum number of partners in a firm by virtue of__________ of the __________ .

Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-

Out of the following statements, which are correct?

(A) In the absence of partnership deed, no partner is entitled to get salary or other remuneration.

(B) If a partner withdraws fixed amount at the end of each month, then interest on drawings will be calculated for an average period of 5.5 months.

(C) If the partnership deed provides for interest on capital but the firm does not have sufficient profit, then the interest will be paid to the extent of available profit in the ratio of interest on capital.

(D) If a partner is admitted into a firm with a guarantee of certain profit, then the deficiency of profit (if any) shall be borne by the old partners in their capital ratio.