Partnership

Accounting

Easy

common

Mukesh and Vanshika are partners. They agreed to share profits in the ratio of 3:2.

Their capital balances on 01st April, 2024 were Rs.15,00,000 and Rs. 10,00,000 respectively. Additional capital contributed by Mukesh and Vanshika was Rs 3,00,000 and Rs 2,00,000 respectively on 01st Jan, 2025. Interest on capital was allowed @ 5 % p.a. Find the interest on Vanshika's Capital.

50,000

52,500

75,000

1,00,000

✅ Correct Option: 2

Opening capital: $10{,}00{,}000 \times 5\% = 50{,}000$ for the full year. Additional capital introduced on 1 January runs for 3 months: $2{,}00{,}000 \times 5\% \times \frac{3}{12} = 2{,}500$ . Total interest $= 52{,}500$ .

2022: 16 July Shift 2

Find the right sequence of appropriation of profits

A. Profits transferred to P and L appropriation A/c.

B. Interest on capital

C. Profits distributed to partner after appropriation

D. Interest on partner loan A/c

Choose the correct answer from the options given below

2026: 11 May Shift 2

The clauses of partnership deed:

2026: 20 May Shift 1

If the capital of partners is fixed, then the salary provided to the partner is posted in which of the following account?

2025: 3 June Shift 2

Which among the following is NOT true?

2026: 11 May Shift 1

A business has earned average profits of Rs. 2,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 10,20,000.

2022: 15 July Shift 2

Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.

The amount to be shown in Income and Expenditure is :

Solution

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