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From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.

C's Capital on 31/3/2022: Rs. 12,00,000

Profit credited to C for the year ended 31/3/2022: Rs. 3,00,000

Drawings made during the year: Rs. 1,00,000

Additional Capital introduced on 1/10/21: Rs. 5,00,000

Rate of Interest = 12 % p.a.

Match List I with List II

Choose the correct answer from the options given below:

How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. 12,25,000, Expenditure incurred Rs. 10,80,000, Total estimate Rs. 25,00,000.

If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8 % p.a.?

Which from the following is not a feature of a partnership firm?

In partnership, a minor can be partner:

A firm earns a profit in last three years as follows :

2020 - 21 Rs. 75,000

2019 - 20 Rs. 1,20,000

2018 - 19 Rs. 50,000

Additional Information :-

Closing stock of 2020 - 21 was undervalued by Rs. 10,000.

Calculate the Average Profit.

Identify the right combination of type of Account in making Final Accounts of Partnership Firm.

(a) Profit and Loss A/C

(b) Profit and Loss Suspence A/C

(c) Profit and Loss Appropriation A/C

(d) Profit and Loss Adjustment A/C

(e) Partners' Capital A/Cs

Choose the correct answer from the options given below :

Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quater; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be :

If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is ?

From the following information, identify when goodwill is required to be calculated.

(a) Admission of a Partner

(b) Amalgamation of partnership firms

(c) Dissolution of partnership firm

(d) Retirement and Death of any partner

(e) Preparation of Balance sheet

Choose the correct answer from the options given below :

In the absence of Partnership deed, partners share profits and losses :-

Match the following with regard to partnership

Choose the correct answer from the options given below:

Match List I with List II

Choose the correct answer from the options given below:

A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year.

A. Capital Accounts

B. Profit and Loss A/c

C. Profit and Loss Adjustment A/c

D. Balance Sheet

Choose the correct answer from the options given below:

Soni, Moni and Toni are partners sharing profits in the ratio of 5:3:2. If Moni's share of profit at the end of the year amounted to Rs.1,50,000. What will be Soni's share of profits?

Vivek, Virat and Vineet were partners in a firm. Their capital accounts as on April 1, 2019 showed a balance of Rs.4,00,000, Rs.6,00,000 and Rs.8,00,000 respectively. On 1st July 2019 Virat introduced additional capital of Rs.1,00,000 while Vineet withdraw 50,000 on 31 Oct 2019 from their capitals. Interest on capital is allowed @8%. Calculate Interest on capital to be given to each partner.

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

Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.

Identify a characteristics not applicable in partnership

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

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 :

Calculate the amount of subscription to be shown in Income and expenditure A/C for the year ending 31st March 2022

Subscription received during the year 2021-22 Rs. 100,000

Outstanding subscription for the year 2020-21 Rs. 10000

Outstanding subscription for the year 2021-22 Rs. 20000

Subscription received in advance in 2020-21 Rs. 5000

Subscription received in advance in 2021-22 Rs. 4000