Marry and Kayli were two partners sharing profits and losses in the ratio 5 : 7. Kayli was in need of funds, so she took a loan of Rs. 4,00,000 from the firm at an agreed rate of interest being 8% p.a. If Interest is charged on loan from the partner, it will be:

Which statement is not true about Capital Accounts of Partner-

Aveer, Daksh and Kridha are equal partners. They decided to change the profit sharing ratio to 4:3:2. For this purpose, goodwill of the firm was valued at Rs. 90,000. The journal entry for treatment of goodwill on change in profit sharing ratio will be:

Arrange the following steps related to valuation of goodwill by Capitalisation of Average Profits method.

(A) Deducting net assets from the capitalised value of average profit.

(B) Ascertain the average profit based on the past few years' performance.

(C) Capitalize the average profit on the basis of the normal rate of return to ascertain the capitalised value of average profits.

(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets).

Choose the correct answer from the options given below:

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

The maximum limit for the number of partner is decided by.