Question 11 Mark
Sumit and Mohit are partners sharing profits and losses in the ratio of 2:1. Their capital Accounts as at 1st April, 2015 were ₹ 10,00,000 and ₹ 8,00,000 respectively. The partners are allowed interest on capital @ 5% p.a. Drawings of the partners during the year ended 31st March, 2016 were ₹ 1,44,000 and ₹ 1,00,000 respectively. Mohit is entitled to get a salary of ₹ 10,000 p.m.
Profit for the year before allowing interest on capital and salary was ₹ 16,00,000, 10% of the net profit is to be transferred to General Reserve.
Q.1. Find the amount which is to be transferred to General Reserve Account?
(a) ₹ 2,00,000 $\quad$ (b) ₹ 1,60,000
(c) ₹ 1,20,000 $\quad$ (d) ₹ 80,000
Q.2. What is the distributable amount of profit which is to be credited to Partners' Capital
Accounts?
(a) ₹ 12,30,000 $\quad$ (b) ₹ 16,00,000
(c) ₹ 14,40,000 $\quad$ (d) ₹ 10,00,000
Profit for the year before allowing interest on capital and salary was ₹ 16,00,000, 10% of the net profit is to be transferred to General Reserve.
Q.1. Find the amount which is to be transferred to General Reserve Account?
(a) ₹ 2,00,000 $\quad$ (b) ₹ 1,60,000
(c) ₹ 1,20,000 $\quad$ (d) ₹ 80,000
Q.2. What is the distributable amount of profit which is to be credited to Partners' Capital
Accounts?
(a) ₹ 12,30,000 $\quad$ (b) ₹ 16,00,000
(c) ₹ 14,40,000 $\quad$ (d) ₹ 10,00,000
Answer
View full question & answer→(b) ₹ 1,60,000
Explanation:
₹ 1,60,000
(a) ₹ 12,30,000
Explanation:
₹ 12,30,000
Explanation:
₹ 1,60,000
(a) ₹ 12,30,000
Explanation:
₹ 12,30,000