Accountancy MCQ – Class 12 – Chapter 2 – Fundamental of Partnership – Part 6

1. P and Q are partners sharing profits in the ratio of 1 : 2. R was manager who received the salary of ₹10,000 p.m. in addition to commission of 10% on net profits after charging such commission. Total remuneration to R amounted to ₹1,80,000. Profit for the year before charging salary and commission was :

2. X and Y are partners. X draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on X’s drawings amounts to *₹2,600. Drawings of A’were :

3. P, Q, and R sharing profits in the ratio of 2 : 1 : 1 have fixed capitals of f4,00,000, ₹3,00,000 and ₹2,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 8% p.a. In the adjusting entry :

4. A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounts to ₹8,250. Drawings of B were :

5. A Y and Z are partners in 5 : 4 : 1. Z is guaranteed that his share of profit will not be less than ₹80,000. Any deficiency will be borne by A and Y in 3 : 2. Firm’s profit was ₹5,60,000. How much deficiency will be borne by Y :

6. P and Q are partners sharing profits in the ratio of 1 : 2. R was manager who received the salary of ₹10,000 p.m. in addition to commission of 10% on net profits after charging such commission. Total remuneration to R amounted to ₹1,80,000. Profit for the year before charging salary and commission was :

7. A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in :

8. . X, Y, and Z are partners in the ratio of 6 : 4 : 1. In the firm, A has guaranteed Z for his minimum profit of ₹15,000. Firm’s profit was ₹99,000. In the firm profit As share will be

9. P and Q are partners sharing profits in the ratio of 1 : 2. R was manager who received the salary of ₹10,000 p.m. in addition to commission of 10% on net profits after charging such commission. Total remuneration to R amounted to ₹1,80,000. Profit for the year before charging salary and commission was :

10. E, Fand G share profits in the ratio of 4 : 3 : 2. G is given a guarantee that his share of profits will not be less than ₹75,000. Deficiency if any, would be borne by E and F equally Firm’s profit was ₹2,70,000. As share of profit will be :

11. P, Q, and R are partners in 3 : 2 : 1. R is guaranteed that his share of profit will not be less than ₹70,000. Any deficiency will be borne by P and Q in the ratio of 2 : 1. Firm’s profit was ₹2,40,000. Share of P will be :

12. Guarantee given to partner ‘A’ by the other partners ‘B & C’ means :

13. X, 7and Z are equal partners with fixed capitals of ₹5,00,000, ?3,00,000 and ₹1,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 6% instead of 5% p.a. In the adjusting entry :

14. A, Y and Z are partners in the ratio of 5 : 4 : 3. A has given to Za guarantee of minimum ₹10,000 profit. For the year ending 31st March 2019, firm’s profit is ₹28,800. Js share in profit will be :

15. When a partner is given guarantee by other partners, loss on such guarantee will be borne by :

16. When a partner is given guarantee by other partners, loss on such guarantee will be borne by :

17. P, Q and R are partners in a firm in 3 : 2 : 1. R is guaranteed that he will get minimum of ₹20,000 as his share of profit every year. Firm’s profit was ₹90,000. Partners will get:

18. A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in :

19. A, B and C sharing profits in the ratio of 2 : 2 : 1 have fixed capitals of ₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. After closing the accounts for the year ending 31st March 2019 it was discovered that interest on capitals was provided @ 12% instead of 10% p.a. In the adjusting entry :

20. . X, Y, and Z are partners in the ratio of 4 : 3 : 2. Salary to X ₹15,000 and to Z ₹3,000 omitted and profits distributed. For rectification, now X will be credited :

21. When a partner is given guarantee by other partners, loss on such guarantee will be borne by :

22. A, Y and Z are partners in the ratio of 5 : 4 : 3. A has given to Za guarantee of minimum ₹10,000 profit. For the year ending 31st March 2019, firm’s profit is ₹28,800. Js share in profit will be :