Accounting Questions

In case partner's capital is fixed, then where interest on drawings charged will be shown?

Contents of the Partnership Deed does not include

If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-

Which statement is not true about Capital Accounts of Partner-

Amitabh and Babul are partners sharing profits in the ratio of $3:2$, with capitals of $\text{Rs. }50,000$ and $\text{Rs. }30,000$ respectively. Interest on capital is agreed @ $6\%$ p.a. Babul is to be allowed an annual salary of $\text{Rs. }2,500$. Manager is to be allowed commission @ $5,000$. Amitabh has also given a Loan on April 01 , 2019 of $\text{Rs. }50,000$ to the firm without any agreement. During the year 2019-20, the profits earned is $\text{Rs. }22,250$. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

Match List-I with List-II
$$\begin{array}{ll}\text{List-I (Interest on Drawings)}& \text{List-II (Average Time)}\\ \text{(A) When the amount is withdrawn at the beginning of each month.}& \text{(I) }6\text{ months}\\ \text{(B) When the amount is withdrawn at the end of each month.}& \text{(II) }6.5\text{ months.}\\ \text{(C) When the amount is withdrawn at the middle of each month.}& \text{(III) }5.5\text{ months.}\\ \text{(D) When the amount is withdrawn at the end of each quarter.}& \text{(IV) }4.5\text{ months.}\end{array}$$
Choose the correct answer from the options given below:

Match List-I with List-II
$$\begin{array}{ll}\text{List-I}& \text{List-II}\\ \text{(A) Gaining Ratio}& \text{(I) New Share - Old Share.}\\ \text{(B) Sacrificing Ratio}& \text{(II) Old Share - New Share.}\\ \text{(C) Admission of Partner}& \text{(IV) Partner may or may not bring his share of goodwill in cash.}\\ \text{(D) Retirement of Partner}& \text{(III) Partner may be paid amount more than what has actually due to him for hidden goodwill share.}\end{array}$$
Choose the correct answer from the options given below:

Which combination of statements is true about partnership-(A) Valid partnership can be formulated even without a written agreement between the partners.(B) Methods of settlement of disputes among the partners can't be part of the partnership deed.(C) If the deed is silent, interest at the rate of $6\%$ p.a. would be charged on the drawings made by the partner.(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.Choose the correct answer from the options given below:

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