0X is a partner who used the stock of the firm worth Rs. 10,000 and suffered a loss of Rs. 2,000. He went the firm to bear the loss. How much ‘x’ is liable to pay to firm.
Q.2 Rajesh and Rakesh two partners draw for private use Rs 1,28,000 and Rs 86000 . Interest is changeable at 6% per annum on drawings .What is the interest?
Q.3 A and B contribute Rs. 80,000 and Rs 40,000 respectively by way of capital on which they agree to pay interest @ 6% p.a. Their respective share of profit is 2:3 and the business profit (before interest) for the year is 6,000. Show the relevant account to allocate interest about the treatment of interest on capital.
Q.4 It was discovered that in arriving at the profit for 2006, the following two items have been ignored.
(i) Outstanding expenses of Rs 3500 and
(ii) Accurate interest on investment of Rs 2,000
Make journal entries relevant to adjustments.
Q.5 A, B and C shared the profit of Rs. 9,00,000 in the ratio of 2:2:1 without providing for interest on B’s loan, B granted a loan of Rs. 4,00,000 in the beginning of accounting year. Whereas the partnership deed is silent on the interest on loan and the profit sharing ratio. Give adjusting entry.
Q.6 Calculate interest on X’s drawings @ 12% if he withdraws Rs. 2,000 per month during the year.
Q.7 Calculate interest on X’s drawings @ 12% p.a if he withdraws Rs. 2,000 per month during the year.
Q.8 Is a partner entitled to salary if he works more than others if partnership deed is silent?
Q.9 Distinguish between drawings against profit and drawings against capital. (Any two)
Q.10 There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner whereas Lilly does not attend business regularly. Rose claims Rs 3,000 salary a month and 60% of balance profits Rs 24,600 Lilly advanced Rs 10,000 as loan and now she claims 10% interest.
