Accounting Questions

Ram and Laxman started business on 1st Jan 2020 with a capital of $\text{Rs. }1,20,000$ and $\text{Rs. }80,000$ respectively. Ram introduced $\text{Rs. }50,000$ to the firm on 1st July 2020 as additional capital. If the rate of interest is $15\%\text{ p.a.}$, assuming that accounts are closed as per calendar year, then the Interest payable to Ram on Capital would be:

When the date of drawing is not specified, interest on drawings is calculated for:

Which of the following statement is incorrect?

Match List-I with List-II:List-IList-II(A) Admission of a New Partner(I) Realisation Account(B) Retirement of a Partner(II) Sacrificing ratio(C) Dissolution of Partnership(III) Executors Account(D) Death of A Partner(IV) Gaining RatioChoose the correct answer from the options given below:

The Central Government has prescribed the maximum number of partners in a firm to be _______

Choose the correct statement if a partnership deed does not exist.

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of $2:2:1$. Their fixed capitals on April 01, 2018 were: Yadu $\text{Rs. }5,00,000$, Madhu $\text{Rs. }4,00,000$ and Vidu $\text{Rs. }3,50,000$.As per the partnership deed, partners are entitled to interest on capital $@5\%\text{ p.a.}$ and Yadu has to be paid a salary of $\text{Rs. }2,000$ per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to $\text{Rs. }75,000$. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

M and N are partners in a firm and agree that an interest $@12\%$ per annum should be charged on drawings. M draws $\text{Rs. }20,000$ per month at the beginning of each month. The amount of interest to be charged from M is: