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Published on: 30/08/2022
QB365 provides a detailed and simple solution for every Possible Book Back Questions in Class 12 Accountancy Subject - Accounts of Partnership Firms-Fundamentals, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
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1.
Antony and Ranjith started a business on 1st April 2018 with capitals of Rs. 4,00,000 and Rs. 3,00,000 respectively. According to the Partnership Deed, Antony is to get salary of Rs. 90,000 per annum, Ranjith is to get 25% commission on profit after allowing salary to Antony and interest on capital @ 5% p.a. but after charging such commission. Profit-sharing ratio between the two partners is 1:1. During the year, the firm earned a profit of Rs. 3,65,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st March every year.
2.
Dinesh and Sugumar entered into a partnership agreement on 1st January 2018, Dinesh contributing Rs. 1,50,000 and Sugumar Rs. 1,20,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:1 as between Dinesh and Sugumar.
(b) Partners to be entitled to interest on capital @ 4% p.a.
(c) Interest on drawings to be charged Dinesh: Rs. 3,600 and Sugumar: Rs. 2,200
(d) Dinesh to receive a salary of Rs. 60,000 for the year, and
(e) Sugumar to receive a commission of Rs. 80,000.
During the year ended on 31st December 2018, the firm made a profit of Rs. 2,20,000 before adjustment of interest, salary and commission.
Prepare the Profit and loss appropriation account.
3.
Anand and Narayanan are partners in a firm sharing profits and losses in the ratio of 5:3. On 1st January 2018, their capitals were Rs. 50,000 and Rs. 30,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 6% per annum.
(b) Interest on drawings charged to Anand and Narayanan are Rs. 1,000 and Rs. 800 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 35,000.
Give necessary journal entries and prepare profit and loss appropriation account as on 31st December 2018. Assume that the capitals are fluctuating.
4.
From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.
| Particulars | Padmini Rs. |
Padma Rs. |
|---|---|---|
| Capital on 1st January 2018 (Cr. balance) | 5,00,000 | 4,00,000 |
| Drawings during 2018 | 70,000 | 40,000 |
| Interest on drawings | 2,000 | 1,000 |
| Share of profit for 2018 | 52,000 | 40,000 |
| Interest on capital | 30,000 | 24,000 |
| Salary | 45,000 | Nil |
| Commission | Nil | 21,000 |
5.
Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partner
| Particulars | Arun Rs. |
Selvam Rs. |
|---|---|---|
| Capital on 1st January, 2018 | 2,20,000 | 1,50,000 |
| Current account on 1st January, 2018 | 4,250(Dr.) | 10,000(Cr.) |
| Additional capital introduced during the year | Nil | 70,000 |
| Withdrew for personal use | 10,000 | 20,000 |
| Interest on drawings | 750 | 600 |
| Share of profit for 2018 | 22,000 | 15,000 |
| Interest on capital | 1,100 | 750 |
| Commission | 6,900 | Nil |
| Salary | Nil | 6,850 |
6.
From the following information, prepare capital accounts of partners Rooban and Deri, when their capitals are fixed.
| Particulars |
Rooban Rs. |
Deri Rs. |
|---|---|---|
| Capital on 1st April, 201 | 70,000 | 50,000 |
| Current account on 1st April, 2018 (Cr.) | 25,000 | 15,000 |
| Additional capital introduced | 18,000 | 16,000 |
| Drawings during 2018 – 2019 | 10,000 | 6,000 |
| Interest on drawings | 500 | 300 |
| Share of profit for 2018 – 2019 | 35,000 | 25,800 |
| Interest on capital | 3,500 | 2,500 |
| Salary | Nil | 18,000 |
| Commission | 12,000 | Nil |
7.
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
(ii) Bala has withdrawn Rs. 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
(iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
(iv) Daniel demands salary at the rate of Rs. 10,000 per month as he spends full time for the business.
(v) Loan advanced by Chandru to the firm is Rs. 50,000. He demands interest on loan @ 12% per annum.
8.
Write a brief note on the applications of the provisions of the Indian Partnership Act, 1932 in the absence of partnership deed.
9.
State the differences between fixed capital method and fluctuating capital method.
10.
Richard and Rizwan started a business on 1st January 2018 with capitals of Rs. 3,00,000 and Rs. 2,00,000 respectively. According to the Partnership Deed
(a) Interest on capital is to be provided @ 6% p.a.
(b) Rizwan is to get salary of Rs. 50,000 per annum.
(c) Richard is to get 10% commission on profit (after interest on capital and salary to Rizwan) after charging such commission.
(d) Profit-sharing ratio between the two partners is 3:2.
During the year, the firm earned a profit of Rs. 3,00,000.
Prepare profit and loss appropriation account. The firm closes its accounts on 31st December every year.
11.
Durai and Velan entered into a partnership agreement on 1st April 2018, Durai contributing Rs. 25,000 and Velan Rs. 30,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 2:3 as between Durai and Velan.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durai: Rs. 300 Velan: Rs. 450
(d) Durai to receive a salary of Rs. 5,000 for the year, and
(e) Velan to receive a commission of Rs. 2,000
During the year, the firm made a profit of Rs. 20,000 before adjustment of interest, salary and commission. Prepare the Profit and loss appropriation account.
12.
Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.
13.
From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.
| Particulars | Mannan Rs. | Sevagan Rs. |
|---|---|---|
| Capital on 1st January 2018 (Cr. balance) | 2,00,000 | 1,75,000 |
| Drawings during 2018 | 40,000 | 35,000 |
| Interest on drawings | 1,000 | 500 |
| Share of profit for 2018 | 21,000 | 16,500 |
| Interest on capital | 12,000 | 10,500 |
| Salary | 18,000 | Nil |
| Commission | Nil | 2,500 |
14.
Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
| Particulars | Bragathish Rs. |
Naresh |
|---|---|---|
| Capital on 1st April 2018 | 4,00,000 | 6,00,000 |
| Current account on 1st April 2018 | 20,000(Cr.) | 15,000(Dr.) |
| Additional capital introduced during the | 50,000 | Nil |
| Drawings made during the year | 45,000 | 60,000 |
| Interest on drawings | 2,000 | 3,000 |
| Share of profit for the year | 80,000 | 1,20,000 |
| Interest on capital | 20,000 | 30,000 |
| Commission | 17,000 | Nil |
| Salary | Nil | 38,000 |
15.
From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.
| Particulars | Shanthi Rs. |
Sumathi Rs. |
|---|---|---|
| Capital on 1st January 2 | 1,00,000 | 80,000 |
| Current account on 1st January 2018 (Cr.) | 5,000 | 3,000 |
| Additional capital introduced on 1st June 2018 | 10,000 | 20,000 |
| Drawings during 2018 | 20,000 | 13,000 |
| Interest on drawings | 500 | 300 |
| Share of profit for 20 | 10,000 | 8,000 |
| Interest on capital | 6,300 | 5,400 |
| Salary | 9,000 | Nil |
| Commission | Nil | 1,200 |
16.
A, B, C and D are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) A has contributed maximum capital. He demands interest on capital at 12% per annum.
(ii) B has withdrawn Rs.1,000 per month. Other partners ask B to pay interest on drawings @ 10% per annum to the firm. But, B does not agree to it.
(iii) Loan advanced by C to the firm is Rs. 10,000. He demands interest on loan @ 9% per annum. A and B do not agree with this.
(iv) D demands salary at the rate of Rs. 5,000 per month as he spends full time for the business. B and C do not agree with this.
(v) A demands the profit to be shared in the capital ratio. But, B, C and D do not agree.
1.
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital A/c | By Profit and loss A/c | 3,65,000 | ||
| Antony (4,00,000 \(\times\) 5%) | 20,000 | |||
| Ranjith (3,00,000 \(\times\) 5%) | 15,000 | 35,000 | ||
| To Salary to Antony | 90,000 | |||
| To Commission to Ranjith | 48,000 | |||
| To Partner's capital A/c (profit) | ||||
| Antony \(\left( 1,92,000\times \frac { 1 }{ 2 } \right) \) | 96,000 | |||
| Ranjith \(\left( 1,92,000\times \frac { 1 }{ 2 } \right) \) | 96,000 | 1,92,000 | ||
| 3,65,000 | 3,65,000 |
Profit before commission = 3,65,000 - (35,000 + 90,000) = Rs. 2,40,000
Commission = Net profit before commission \(\times\) \(\frac{Rate \ of \ commission}{(100+Rate \ of \ commission)}\)
Commission = 2,40,000 \(\times\) \(\frac{25}{125}\) = Rs. 48,000
2.
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital A/C | By Profit and loss A/c | 2,20,000 | ||
| Dinesh (1,50,000 \(\times\) 4%) | 6,000 | By Interest on drawings A/c | ||
| Sugumar (1,20,000 \(\times\) 4%) | 4,800 | 10,800 | Dinesh: 3,600 | |
| Sugumar: 2.200 | 5,800 | |||
| To Salary to Dinesh A/c | 60,000 | |||
| To Commission to Sugumar A/c | 80,000 | |||
| To Partner's capital A/c | ||||
| (Profit transferred) | ||||
| Dinesh (75,000 x 2/3) | 50,000 | |||
| Sugumar (75,000 x 1/3) | 25,000 | 75,000 | ||
| 2,25,800 | 2,25,800 | |||
3.
| Date | Particulars | L.f | Debit Rs. | Credit Rs. |
|---|---|---|---|---|
| 2018 | Interest on capital A/c Dr | 4,800 | ||
| Dec. 31 | To Anand's capital A/c | 3,000 | ||
| To Narayanan's capital A/c | 1,800 | |||
| (Interest on capital @ 6% provided) | ||||
| 2018 | Profit and loss appropriation A/c Dr | 4,800 | ||
| Dec. 31 | To Interest on capital A/c | 4,800 | ||
| (Interest on capital account closed) | ||||
| 2018 | Anand's capital A/c Dr | 1,000 | ||
| Dec. 31 | Narayanan's capital A/c Dr | 800 | ||
| To Interest on drawings A/c | 1,800 | |||
| (Interest on drawings charged) | ||||
| 2018 | Interest on drawings A/c | 1,800 | ||
| Dec. 31 | To profit and loss appropriation A/c | 1,800 | ||
| (Interest on drawings account closed) | ||||
| 2018 | Profit and loss appropriation A/c Dr | 32,000 | ||
| Dec. 31 | To Anand's capital A/c | 20,000 | ||
| To Narayanan's capital A/c | 12,000 | |||
| (Profit transferred) |
4.
| Particulars | Padmini Rs. | Padma Rs. | Particulars | Padmini Rs. | Padma Rs. |
|---|---|---|---|---|---|
| To Drawing A/c | 70,000 | 40,000 | By Balance b/d | 5,00,000 | 4,00,000 |
| To Interest on drawings A/c | 2,000 | 1,000 | By Profit and loss appropriation A/c | 52,000 | 40,000 |
| To Balance c/d | 5,55,000 | 4,44,000 | By Interest on capital A/c | 30,000 | 24,000 |
| By Salary A/c | 45,000 | - | |||
| By Commission A/c | - | 21,000 | |||
| 6,27,000 | 4,85,000 | 6,27,000 | 4,85,000 | ||
| By Balance b/d | 5,55,000 | 4,44,000 |
5.
| Date | Particulars | Arun Rs. | Selvam Rs. | Date | Particualrs | Arun Rs. | Selvam Rs. |
|---|---|---|---|---|---|---|---|
| To Balance c/d (B/F) | 2,20,000 | 2,20,000 | By Balance b/d | 2,20,000 | 1,50,000 | ||
| By Bank (Additional capital) |
- | 70,000 | |||||
| 2,20,000 | 2,20,000 | 2,20,000 | 2,20,000 | ||||
| By Balance b/d | 2,20,000 | 2,20,000 |
| Date | Particulars | Arun Rs. | Selvam Rs. | Date | Particulars | Arun Rs. | Selvam Rs. |
|---|---|---|---|---|---|---|---|
| To Balance b/d | 4,250 | - | By Balance b/d | - | 10,000 | ||
| To Drawings A/c | 10,000 | 20,000 | By Profit and loss appropriation A/c (Share of profit) |
22,000 | 15,000 | ||
| To Interest on drawings | 750 | 600 | By Interest on capital | 1,100 | 750 | ||
| By Commission A/c | - | ||||||
| By Salary A/c | - | 6,850 | |||||
| 30,000 | 32,600 | 30,000 | 32,600 | ||||
| By Balance b/d | 15,000 | 12,000 |
6.
| Date | Particulars | Rooban Rs. | Deri Rs. | Date | Particualrs | Rooban Rs. | Deri Rs. |
|---|---|---|---|---|---|---|---|
| 2018 March 31 |
To Balance c/d (Balancing figure) |
88,000 | 66,000 | 2018 1 April |
By Balance b/d | 70,000 | 50,000 |
| By Bank (Additional capital) |
18,000 | 16,000 | |||||
| 88,000 | 66,000 | 88,000 | 66,000 | ||||
| 2019 April 1 |
By Balance b/d | 88,000 | 66,000 |
| Date | Particulars | Rooban Rs. | Deri Rs. | Date | Particulars | Rooban Rs. | Deri Rs. |
|---|---|---|---|---|---|---|---|
| To Drawings | 10,000 | 6,000 | By Balance b/d | 25,000 | 15,000 | ||
| To Interest on drawings | 500 | 300 | By Profit and loss appropriation A/c (Share of profit) |
35,000 | 25,800 | ||
| To Balance c/d (B/F) | 65,000 | 55,000 | By Interest on capital | 3,500 | 2,500 | ||
| By Salary | - | 18,000 | |||||
| By Commission | 12,000 | - | |||||
| 75,500 | 61,300 | 75,500 | 61,300 | ||||
| By Balance b/d | 65,000 | 55,000 |
7.
(i) No interest on capital is payable to any partner
(ii) No interest is chargeable on drawings made by the partner
(iii) Profits should be distributed equally
(iv) No remuneration is payable to any partner
(v) Interest on loan is payable at 6% per annum of Rs. 50,000
8.
If there is no partnership deed- or when there is no express statement in the partnership deed, then the following provisions of the act will apply
(i) Remuneration to partners:
No salary or remuneration is allowed to any partner (Section 13(a))
(ii) Profit sharing ratio:
Profits and losses are to be shared by the partners equally [section 13(b)]
(iii) Interest on capital:
No interest is allowed on the capital, where a partner is entitled to interest on capital contributed as per partnership deed, such interest on capital will be payable only out of profits. [section 13(c)]
(iv) Interest on loans advanced by partners to the firm:
Interest on loan is to be allowed at the rate of 6 per cent annum. [section 13(d)]
(v) Interest on drawings:
No interest is charged on the drawings of the partners.
9.
| Basis of destination | Fixed capital method | Fluctuating capitals method |
|---|---|---|
| Number of accounts | Two accounts are maintained for each partner, that is, capital account and current account. | Only one account, that is, capital account is maintained for each partner. |
| Change in capital | The amount of capital normally remains unchanged except when additional capital is introduced or capital is withdrawn permanently | The amount of capital changes from period to period. |
| Closing balance | Capital account always shows a credit balance | Capital account generally shows credit balance. It may also show a debit balance. |
| Adjustments | All adjustments relating to interest on capital, interest on drawings, salary or commission, share of profit or loss are done in current account | All adjustments relating to interest on capital, interest on drawings, salary or commission, share of profit or loss are done in the capital account |
10.
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital A/c | By Profit and loss A/c | 3,00,000 | ||
| Richard (3,00,000 x 6%) | 18,000 | |||
| Rizwan (2,00,000 x 6%) | 12,000 | 30,000 | ||
| To Salary to Rizwan | 50,000 | |||
| To Commission to Richard | 20,000 | |||
| To Partners’ capital A/c (profit) | ||||
| Richard (3/5) | 1,20,000 | |||
| Rizwan (2/5) | 80,000 | 2,00,000 | ||
| 3,00,000 | 3,00,000 |
Calculation of commission:
Profit before commission = 3,00,000 – (50,000 + 30,000) = Rs. 2,20,000
Commission = Net profit before commission \(\times\) \(\frac { Rate\quad of\quad commission }{ (100+Rate\quad of\quad commission) } \)
Commission = 2,20,000 \(\times\) \(\frac { 10 }{ 110 } \) = Rs. 20,000
11.
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital A/c: | By Profit and loss A/c | 20,000 | ||
| Durai (25,000 \(\times\) 5%) | 1,250 | By Interest on drawings A/c | ||
| Velan (30,000 \(\times\) 5%) | 1,500 | Durai | 300 | |
| To Salary to Durai A/c | 5,000 | Velan | 450 | |
| To Commission to Velan A/c | 2,000 | |||
| To Partners’ capital A/c (profit transferred) | ||||
| Durai (11,000 \(\times\) 2/5) | 4,400 | |||
| Velan (11,000 \(\times\) 3/5) | 6,600 | 11,000 | ||
| 20,750 | 20,750 |
12.
| Date | Particulars | L.E. | Dr. Rs. |
Cr. Rs |
|
|---|---|---|---|---|---|
| 2018 | Interest on capital A/c | Dr. | 1,500 | ||
| Dec. 31 | To Arulappan’s capital A/c | 1,000 | |||
| To Nallasamy’s capital A/c (Interest on capital @ 5% provided) |
500 | ||||
| " | Profit and loss appropriation A/c | Dr. | 1,500 | ||
| To Interest on capital A/c (Interest on capital account closed) |
1,500 | ||||
| ' | Arulappan’s capital A/c | Dr. | 200 | ||
| Nallasamy’s capital A/c | Dr. | 300 | |||
| To Interest on drawings A/c (Interest on drawings charged) |
500 | ||||
| " | Interest on drawings A/c | Dr. | 500 | ||
| To Profit and loss appropriation A/c (Interest on drawings account closed) |
500 | ||||
| " | Profit and loss appropriation A/c Dr. | 17,000 | |||
| To Arulappan’s capital A/c | 13,600 | ||||
| To Nallasamy’s capital A/c (Profit transferred) |
3,400 |
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital | By Profit and loss A/c | 18,000 | ||
| Arulappan | 1,000 | By Interest on drawings A/c | ||
| Nallasamy | 500 | Arulappan | 200 | |
| To Partners’ capital A/c (profit) | Nallasamy | 300 | ||
| Arulappan (4/5) | 13,600 | 17,000 | ||
| Nallasamy (1/5) | 3,400 | 18,500 | 18,500 |
13.
| Particulars | Mannan Rs. |
Sevagan Rs. |
Particulars | Mannan Rs. |
Sevagan Rs. |
|---|---|---|---|---|---|
| To Drawings A/c | 40,000 | 35,000 | By Balance b/d | 2,00,000 | 1,75,000 |
| To Interest on | By Profit and loss | ||||
| drawings A/c | 1,000 | 500 | appropriation A/c | 21,000 | 16,500 |
| To Balance c/d | 2,10,00 | 1,69,000 | By Interest on capital A/c | 12,000 | 10,500 |
| By Salary A/c | 18,000 | - | |||
| By Commission A/c | - | 2,500 | |||
| 2,51,000 | 2,04,500 | 2,51,000 | 2,04,500 | ||
| 2,10,000 | 1,69,000 |
14.
| Date | Particulars | Bragathish Rs. |
Naresh Rs. |
Date | Particulars | Bragathish Rs. |
Naresh Rs. |
|---|---|---|---|---|---|---|---|
| To Balance c/d | 4,50,000 | 6,00,000 | By Balance b/d | 4,00,000 | 6,00,000 | ||
| By Bank A/c | 50,000 | - | |||||
| (Additional capital) | |||||||
| 4,50,000 | 6,00,000 | 4,50,000 | 6,00,000 | ||||
| By Balance b/d | 4,50,000 | 6,00,000 |
| Date | Particulars | Bragathish Rs. |
Naresh Rs. |
Date | Particulars | Bragathish Rs. |
Naresh Rs. |
|---|---|---|---|---|---|---|---|
| To Balance b/d | - | 15,000 | By Balance b/d | 20,000 | - | ||
| By Profit and loss | |||||||
| To Drawings A/c | 45,000 | 60,000 | |||||
| appropriation A/c | 80,000 | 1,20,000 | |||||
| To Interest on | (share of profi | ||||||
| 2,000 | 3,000 | ||||||
| To Balance c/d | 90,000 | 1,10,000 | By Interest on capita A/c |
20,000 | 30,000 | ||
| By Commission A/c | 17,000 | - | |||||
| By Salary A/c | - | 38,000 | |||||
| 1,37,000 | 1,88,000 | 1,37,000 | 1,88,000 | ||||
| By Balance b | 90,000 | 1,10,000 |
15.
| Date | Particulars | Shanthi Rs. |
Sumathi Rs. |
Date | Particulars | Shanthi Rs. |
Sumathi Rs. |
|---|---|---|---|---|---|---|---|
| 2018 | 2018 | ||||||
| Jan 1 | By Balance b/d | 1,00,000 | 80,000 | ||||
| Dec 31 | To Balance c/d | 1,10,000 | 1,00,000 | June 1 | By Bank (Additional capital) |
10,000 | 20,000 |
| 1,10,000 | 1,00,000 | 1,10,000 | 1,00,000 | ||||
| 2019 | |||||||
| Jan 1 | By Balance b/d | 1,10,000 | 1,00,000 |
| Date | Particulars | Shanthi Rs. |
Sumathi Rs. |
Date | Particulars | Shanthi Rs. |
Sumathi Rs. |
|---|---|---|---|---|---|---|---|
| To Drawings | 20,000 | 13,000 | By Balance b/d | 5,000 | 3,000 | ||
| To Interest on | By Profit and loss | ||||||
| 500 | 300 | ||||||
| drawings | appropriation A/c | 10,000 | 8,000 | ||||
| To Balance c/d | 9,800 | 4,300 | (share of profit) | ||||
| By Interest on capital | 6,300 | 5,400 | |||||
| By Salary | 9,000 | - | |||||
| By Commission | - | 1,200 | |||||
| 30,300 | 17,600 | 30,300 | 17,600 | ||||
| By Balance b/d | 9,800 | 4,300 |
16.
Since there is no partnership deed, provisions of the Indian Partnership Act, 1932 will apply.
(i) No interest on capital is payable to any partner. Therefore, A is not entitled to interest on capital.
(ii) No interest is chargeable on drawings made by the partner. Therefore, B need not pay interest on drawings.
(iii) Interest on loan is payable at 6% per annum. Therefore C is to get interest at 6% per annum on Rs. 10,000.
(iv) No remuneration is payable to any partner. Hence, D is not entitled to salary.
(v) Profits should be distributed equally.
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TN 12th Computer Applications கணினி வலையமைப்பு ஓர் அறிமுகம் Sample Question Papers Study Material - QB365 Set A
NEW12th Standard
TN 12th Computer Applications PHP-உடன் MySQL-ஐ இணைத்தல் Sample Question Papers Study Material - QB365 Set A
Tamilnadu Stateboard 12th Standard Subjects
Maths
Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
Tamil
English
French
Tamilnadu Stateboard Standards
