1. In the absence of Partnership Deed, state the provisions of the Partnership Act, 1932 for: (a) Salaries of partners, (b) Interest on partners’ capitals, (c) Interest on loan by partner, (d) Division of profit, (e) Interest on partners’ drawings, (f) Interest on Loan given to partners? Answer : Back

2. Mahesh, Ramesh and Suresh are partners in a firm. They do not have a Partnership Deed. At the end of the first year of the business, they faced the following issues: (a) Mahesh wants that interest on capital should be allowed to the partners but Ramesh and Suresh do...

3. Following differences have arisen among P, Q and R. State who is correct in each case: (a) P used ₹50,000 belonging to the firm and earned a profit of ₹5,000. Q and R want the amount to be given to the firm. (b) Q used ₹10,000 belonging to the...

4. Barun, Tarun and Shivam are partners in a firm and do not have a Partnership Deed. Barun introduced further capital of ₹5,00,000 on 1st October, 2024. Whereas Shivam took loan of ₹50,000 from the firm on 1st October, 2024. Disputes have arisen among them on the following: (a) Barun...

5. Harshad and Dhiman are in partnership since 1st April, 2024. No partnership agreement was made. They contributed ₹4,00,000 and ₹1,00,000 respectively as capitals. In addition, Harshad had given loan of ₹1,00,000 to the firm on 1st October, 2024. Due to long illness, Harshad could not participate in business activities...

6. Sita and Geeta are partners in a firm sharing profits in the ratio of 3 : 2. They had given loan to the firm of ₹30,000 in their profit-sharing ratio on 1st October, 2024. The Partnership Deed does not prescribe for interest on loans from partners. Compute interest payable...

7. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of ₹1,20,000 and ₹60,000 respectively. On 1st October, 2024, Bat and Ball gave loans of ₹2,40,000 and ₹1,20,000 respectively to the firm. Bat had allowed the firm to use his property for business for...

8. Akhil, Sunil and Parvesh are partners sharing profits in the ratio of 3:2:1. Opening balance of Loan by Sunil Account was ₹3,00,000. Interest payable was agreed @ 10% p.a. Interest was paid by cheque up to February, 2025 on 1st March, 2025 and balance was yet to be paid....

9. Akhil and Bimal are partners sharing profits in the ratio of 3 :2. Akhil gave loan to the firm of ₹1,00,000 on 1st January, 2025. On the same date, the firm gave loan to Bimal of ₹1,00,000. They do not have an agreement as to interest. Akhil had also...

10. Nirmal and Pawan are partners sharing profits in the ratio of 3: 2. The firm had given loan to Pawan of ₹5,00,000 on 1st April, 2024. Interest was to be charged @10 % p.a. The firm took loan of ₹2,00,000 from Nirmal on 1st December, 2024. Before giving effect...

11. Ankit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of ₹2,50,000 each. On 1st October, 2024, Ankit and Bhanu gave loans of ₹2,50,000 each to the firm whereas Charu took a loan of ₹1,00,000 from the firm on 1st November, 2024. It...

12. Atul, Jetha and Tarak are partners sharing profits equally. Jetha was given loan by the firm of on 1st July, 2024 of ₹6,00,000. Books are closed on 31st March. Pass the Journal entries if (a) Rate of interest is not agreed; and (b) Rate of interest to be charged...

13. Parul, Paresh and Rahul are partners in a firm. Firm gave loan to Rahul on 1st February, 2025 of ₹6,00,000.  Interest was agreed to be levied @ 6% p.a. Rahul paid interest by cheque up to February, 2023 on 5th March, 2025 and balance was paid by him on...

14. Vinod and Mohan are partners. Vinod’s Capital is ₹1,00,000 and Mohan’s Capital is ₹60,000. Interest on capital is payable @ 6% p.a. Vinod is to get salary of 3,000 per month. Net Profit for the year is ₹80,000. Prepare Profit & Loss Appropriation Account. Answer : Back

15. X, Y and Z are partners in a firm sharing profits in the ratio of 2:2:1. Fixed capitals of the partners were X: ₹5,00,000; Y: ₹5,00,000 and Z: ₹2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @10% p.a. Z is to be allowed...

16. X and Y are partners sharing profits in the ratio of 3:2 with capitals of ₹8,00,000 and ₹6,00,000 respectively. Interest on capital is to be allowed @5 % p.a. Y is to be allowed an annual salary of ₹60,000 which has not been withdrawn. Profit for the year ended...

17. Atul and Mithun are partners sharing profits in the ratio of 3:2.  Balances as on 1st April, 2024 were as follows: Loan Accounts: Atul: ₹3,00,000 (Cr.) and Mithun: ₹2,00,000 (Dr.):  Capital Accounts (Fixed): Atul: ₹5,00,000 and Mithun: ₹6,00,000.  It was agreed to allow and charge interest @8 % p.a....

18. Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of ₹15,000 each, interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @10% p.a. Their capitals were ₹5,00,000 each and drawings...

19. Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April, 2024 were ₹8,00,000 and ₹10,00,000 respectively. Their drawings during the year were ₹50,000 and ₹1,00,000 respectively. Interest on Capital is to be allowed @ 10% p.a. whether the firm earns profit or incurs loss....

20. Amit and Sumit entered into partnership on 1st April, 2024 and invested ₹1,50,000 and ₹2,50,000 respectively as capitals. The Partnership Deed provided for interest on capitals @ 10% p.a. It also provided that Capital Accounts shall be maintained following Fixed Capital Accounts Method. The firm earned net profit of...

21. Kamal and Kapil are partners having fixed capitals of ₹5,00,000 each as on 1st April, 2024. Kamal introduced further capital of ₹1,00,000 on 1st January, 2025 whereas Kapil withdrew ₹1,00,000 on 1st January, 2025 out of capital. Interest on capital is to be allowed @ 10% p.a. The firm...

22. Simran and Reema are partners sharing profits in the ratio of 3:2. Their capitals as on 1st April, 2024 were ₹2,00,000 each whereas Current Accounts had balances of ₹50,000 and  ₹25,000 respectively. Interest on capital is to be allowed 5% p.a. Net profit of the firm for the year...

23. Anita and Ankita are partners sharing profits equally. Their capitals, maintained following Fluctuating Capital Accounts Method, as on 1st April, 2024 were ₹5,00,000 and ₹4,00,000 respectively. Partnership Deed provided to allow interest on capital @ 10% p.a. The firm earned net profit of ₹ 2,00,000 for the year ended...

24. Ashish and Aakash are partners sharing profits in the ratio of 3 :2. Their Capital Accounts had credit balance of ₹5,00,000 and ₹6,00,000 respectively as on 3ist March, 2025 after debit of drawings during the year of ₹1,50,000 and ₹1,00,000 respectively. Net profit for the year ended 31st March,...

25. Naresh and Sukesh are partners with capitals of ₹3,00,000 each as on 31st March, 2025. Naresh has withdrawn ₹50,000 against capital on 1st October, 2024 and ₹1,00,000 drawings against profit. Sukesh also had drawings of ₹1,00,000. Interest on capital is to be allowed @ 10% p.a. Net profit for...

26. On 1st April, 2013, Jay and Vijay entered into partnership for supplying laboratory equipment’s to government situated in remote and backward areas.         Calculation of Interest on Partners’ Capitals (Delhi 2015) Answer : Back

27. A and B are partners in the ratio of 3 :2. The firm maintains Fluctuating Capital Accounts and the balance of the same as on 31st March, 2020 amounted to ₹1,60,000 and ₹1,40,000 for A and B respectively. Their drawings during the year were ₹30,000 each. As per Partnership...

28. Vinod and Mohan are partners sharing profits and losses in the ratio of 4 : 3. From the following Balance Sheet, calculate interest on Capital @ 6% p.a. for the year ended 31st March, 2025: BALANCE SHEET as at 31st March, 2025 Liabilities Rs. Assets Rs. Capital A/cs:  ...

29. From the following Balance Sheet of Long and Short, calculate interest on capital 8% p.a. for the year ended 31st March, 2025:   BALANCE SHEET as at 31st March, 2025 Liabilities Rs. Assets Rs. Long’s Capital A/c 1,20,000 Fixed Assets 3,00,000 Short’s Capital A/c 1,40,000 Other Assets 60,000 General...

30. Arnit and Bramit started business on 1st April, 2024 with capitals of ₹15,00,000 and ₹9,00,000 respectively. On 1st October, 2024, they decided that their capitals should be ₹12,00,000 each. The necessary adjustments in capitals were made by introducing or withdrawing by cheque. Interest on capital is allowed at 8%...

31. Sumit and Namit are partners sharing profits in the ratio of 3 :2. They contribute ₹1,00,000 and ₹50,000 respectively towards capital. Compute interest on capital and show distribution of profit in the following cases: When Partnership Deed is silent as to the interest on capital and profit for the...

32. Shiv, Mohan and Gopal are partners sharing profits and losses in the ratio of 2 : 2:1. Shiv is entitled to commission of 10% on profit. Net profit for the year is ₹1,10,000. Determine the amount of commission payable to Shiv. Answer : Back

33. Abha, Bobby and Vineet are partners sharing profits and losses equally. As per Partnership Deed, Vineet is entitled to commission of 10% on the net profit after charging such commission. Net profit before charging commission is ₹2,20,000. Determine the amount of commission payable to Vineet. Answer : Back

34. A, B, C and D are partners in a firm sharing profits in the ratio of 4:3:2:1. The firm earned net profit of ₹1,80,000 for the year ended 31st March, 2025. As per the Partnership Deed, partners will get commission @ 20% of the profit after charging the commission...

35. X and Y are partners in a firm. X is entitled to salary of ₹10,000 per month and commission of 10% of the profit after partners’ salaries but before charging commission. Y is entitled to a salary of ₹25,000 p.a. and commission of 10% of the net profit after...

36. Ram and Mohan, two partners, drew for their personal use ₹1,20,000 and ₹80,000. Interest is chargeable @ 6% p.a on the drawings. What is the amount of interest chargeable from each partner? Answer : Back

37. Brij and Mohan are partners in a firm. They withdrew ₹48,000 and ₹36,000 respectively during the year evenly in the middle of every month. According to the Partnership Deed, interest on drawings is to be charged @ 10% pa. Calculate interest on drawings of the partners using the appropriate...

38. Dev withdrew ₹10,000 on 15th day of every month interest on drawings to be charged @ 12% per annum Calculate interest on Dev’s Drawings  (CBSE 2019) Answer : Back

39. One of the partners in a partnership firm has withdrawn ₹9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.    (CBSE Sample Question Paper 2018)   Answer : Back

40. A and B are partners sharing profits equally. A drew regularly ₹4,000 in the beginning of every month for six months ended 30th September, 2024. Calculate interest on drawings @ 5% pa. for a period of six months ended 30th September, 2024.    Answer : Back

41. A and B are partners sharing profits equally. A drew regularly ₹4,000 at the end of every month for six months ended 30th September, 2024. Calculate interest on drawings @ 5% p.a. for a period of six months ended 30th September, 2024.    Answer : Back

42. B and C are partners sharing profits equally. C regularly withdrew ₹5,000 per month in the beginning of the month for six months ended 30th September, 2024. Calculate interest on drawings @ 12% p.a. for the year ended 31st March, 2025.   Answer : Back

43. Calculate interest on drawings of Sanjay @ 10% p.a. for the year ended 31st March, 2025, in each of the following alternative cases: Case 1. If he withdrew ₹7,500 in the beginning of each quarter. Case 2. If he withdrew ₹7,500 at the end of each quarter. Case 3....

44. The capital accounts of Tisha and Divya showed credit balances of ₹10,00,000 and ₹7,50,000 respectively after taking into account drawings and net profit of ₹5,00,000. Drawings of the partners during the year ended 31st March, 2025 were: (i) Tisha withdrew ₹25,000 at the end of each quarter. (i) Divya’s...

45. A, B and C are partners. During the year ended 31st March, 2025, each of the partners withdrew ₹10,000 regularly. A withdrew in the beginning of the first 6 months of the year, B withdrew in the middle of the month for the first 6 months of the year...

46. Piyush, Harmesh and Atul are partners. Each partner regularly withdrew ₹20,000 per month as given below: Piyush withdrew in the beginning of the month Harmesh withdrew in the middle of the month; and  Atul withdrew at the end of the month. interest on drawings charged for the year ended...

47. Amit and Vijay started a partnership business on 1st April, 2024. Capital invested by then were ₹2,00,000 and ₹1,50,000 respectively The Partnership Deed provided as follows: (a) Interest on capital be allowed a 10% pa. (b) Amit is to get salary of ₹2,000 per month and Vijay ₹3,000 per...

48. A and B are partners sharing profits and losses in the ratio of 3:1. On 1st April, 2024 their capital were A ₹5,00,000 and B ₹3,00,000. During the year ended 31st March, 2025, the firm earned net profit of ₹5,00,000. The terms of partnership are: (a) interest on capital...

49. A, B and C were partners in a firm having capitals of ₹50,000; ₹50,000 and ₹1,00,000 respectively. The Current Account balances were A: ₹10,000; B: ₹5,000 and C: ₹2,000 (Dr.).  According to the Partnership Deed the partners were entitled to an interest on Capital @10% p.a. C being the...

50. Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4.3:3. Their fixed capitals on 1st April 2018 were ₹9,00,000, ₹5,00,000 and ₹4,00,000 respectively On 1st November, 2018, Yadu gave loan of ₹80,000 to the firm as per the partnership agreement (i) The partners...

51. Amit, Binita and Charu are three partners. On 1st April, 2024, their capitals stood as Amit ₹1,00,000, Binita ₹2,00,000 and Charu ₹3,00,000. It was decided that: they would receive interest on Capitals @5% pa., Amit would get a salary of ₹10,000 per month  Binita would receive commission @ 5%...

52. Saial and Kajal are partners sharing profits and losses in the ratio of 2 : 1. On 1st April, 2024, their Capitals were: Sajal ₹5,00,000 and Kajal ₹4,00,000. Prepare Profit & Loss Appropriation Account and the Partners’ Capital Accounts for the year ended 31st March, 2025 from the following...

53. Ali and Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, 2024 stand as Ali ₹2,50,000 and Bahadur ₹2,00,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the...

54. Neeraj and Surya are partners sharing profits and losses in the ratio of 2 : 1 Their capitals are ₹4,00,000 and ₹2,00,000 respectively Neeraj is entitled to interest on capital @ 12% p.a and Surya is entitled to salary of ₹6,000 per month. Proft before providing for interest on...

55. Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5 : 3 : 2. Their capitals as on 1st April, 2024 were: Kabir : ₹5,20,000, Zoravar: ₹3,20,000 and Parul: ₹2,00,000. The Partnership Deed provided as follows: (i) Kabir and Zoravar each will get salary of ₹24,000...

56. Aditi, Bobby and Krish were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their capital were ₹5,00,000, ₹4,00,000 and ₹2,00,000 respectively. The partnership deed provided for the following: (a) interest on capital @ 10% per annum. (b) interest on drawings @ 6% per annum....

57. Reya, Mona and Nisha shared profits in the ratio of 3 : 2 : 1. Profits for the last three years were ₹1,40,000, ₹84,000 and ₹1,06,000 respectively. These profits were however, distributed equally. The error is now to be corrected. Give the necessary rectification Journal entry. Answer : Back

58. Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹4,00,000 and ₹2,00,000 respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 6% p.a. as provided in the...

59. Ram, Mohan and Sohan sharing profits and losses equally have opening capitals of ₹1,20,000, ₹90,000 and ₹60,000 respectively. For the year ended 31st March, 2025, interest was credited to then 6% pa. instead of 5% p.a. Pass the adjustment Journal entry. Answer : Back

60. Mohan, Suhaan and Adit were partners in a firm sharing profits and losses in the ratio of 3: 2:1. Their fixed capitals were: ₹2,00,000, ₹1,00,000 and ₹1,00,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their accounts @ 8% p.a. instead of 5%...

61. Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2: 1:2. Their capitals were fixed at ₹3,00,000, ₹1,00,000, ₹2,00,000. For the year ended 31st March, 2025, interest on capital was credited to them @ 9% instead of 10% p.a. Profit for...

62. Ram, Mohan and Sohan were partners sharing profits in the ratio of 2:1:1. Ram withdrew ₹3,000 every month and Mohan withdrew ₹4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary...

63. Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3: 2. On 31st March, 2025 after closing the books of account, their Capital Accounts were ₹4,80,000 and ₹6,00,000 respectively. On 1st May, 2024, Simrat introduced additional capital of ₹1,20,000 and Bir withdrew...

64. Mita and Usha are partners in a firm sharing profits in the ratio of 2: 3. Their Capital Accounts as on 1st April, 2015 showed balances of ₹1,40,000 and  ₹1,20,000 respectively. The drawings of Mita and Usha during the year 2015-16 were ₹32,000 and ₹24,000 respectively. Both the amounts...

65. A, B and C were partners. Their fixed capitals were ₹60,000,  ₹40,000 and ₹20,000 respectively. Their profit sharing ratio was 2:2:1. According to the Partnership Deed, they were entitled to interest on capital @5% p.a. In addition, B was also entitled to draw a salary of ₹1,500 per month....

66. Pranav, Karan and Rahim were partners sharing profits in the ratio of 3:2:1. Their capitals were ₹5,00,000, ₹3,00,000 and ₹2,00,000 respectively as on 1st April, 2024, According to the partnership deed, they were entitled to an interest on capital at 10% p.a. For the year ended 31st March, 2025,...

67. On 31st March, 2025, after the closing of the accounts, Capital Accounts of P, Q and R were ₹40,000,  ₹30,000 and ₹20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% was not allowed. Profit for the year ended 31st March, 2025 was ₹60,000 and the partners’...

68. Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being ₹30,000, ₹25,000 and ₹20,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2025, ₹24,000 had been credited to partners in their profit-sharing ratio. Their drawings were ₹5,000 (Mohan), ₹4,000 (Vijay) and...

69. Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3:1:1. Their fixed capital balance are ₹4,00,000, ₹1,60,000 and ₹1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was ₹1,00,000, without taking into account the following adjustments  (a)...

70. Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3:2. Following was the Balance Sheet of the firm as on 31st March, 2016:   Liabilities Rs. Assets Rs. Capital A/cs:   Sundry Assets 1,20,000 Piya              ...

71. Mannu and Shristhi are partners in a firm sharing profits in the ratio of 3:2. Following information is of the firm as on 31st March, 2025:     Liabilities Rs. Assets Rs.     Drawings:   Mannu’s Capital 3,00,000   Mannu 40,000   Shristi’s Capital 1,00,000 4,00,000 Shristi 20,000...

72. On 31st March, 2018, the balances in the Capital Accounts of Abhir, Bobby and Vineet, after making adjustments for profits and drawings were ₹8,00,000, ₹6,00,000 and ₹4,00,000 respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest...

73. On 31st March, 2023, the capitals of Raghav and Diya stood at ₹4,00,000 and ₹3,00,000 respectively. After the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ 10% p.a. had been omitted. The Net Profit the year ended 31st March,...

74. On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profits and drawings, etc., were ₹80,000, ₹60,000 and ₹40,000 respectively. Subsequently it was discovered that the interest on capital and drawings has been omitted. (a) The profit for the year...

75. Capitals of Kajal, Neerav and Alisha as on 31st March, 2025 were ₹90,000, ₹3,30,000 and ₹6,60,000 respectively. Profit of ₹1,80,000 for the year ended 31st March, 2025 was distributed in the ratio of 4:1:1 after allowing Interest on Capital @ 10% p.a. During the year, each partner withdrew ₹3,60,000....

76. A, B and C were in partnership sharing profits and losses in the ratio of 4 : 2 :1. It was agreed that C’s share in profit for a year would not be less than ₹75,000. Profit for the year ended 31st March, 2025 is ₹3,15,000. You are required...

77. Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2:3:1. According to the partnership agreement, Raghav was guaranteed an amount of ₹40,000 as his share of profits. The net profit for the year ended 31st March, 2022 amounted to ₹1,20,000. Prepare Profit &...

78. X, Y and Z entered into partnership on 1st October, 2024 to share profits in the ratio of 4:3:3.  X, personally guaranteed that Z’s share of profit after allowing interest on capital @ 10% p.a. would not be less thar ₹80,000 in a year. Capital contributions were: X: ₹3,00,000,...

79. A, B and C are partners sharing profits in the ratio of 5:4:1.  C is given guarantee that his minimum share of profit in any year would be at least 50,000.  Deficiency, if any, would be borne by A and B equally. Profit for the year ended 31st March,...

80. Atul, Bipul and Charu are partners sharing profits equally. Bipul is guaranteed minimum profit of ₹2,00,000 per annum. Salary is payable to Bipul of ₹10,000 per month. Net Profit for the year ended 31st March, 2025 is ₹6,60,000. Prepare Profit & Loss Appropriation Account for the year. Answer :...

81. Parul, Prerna and Kaushal are partners sharing profits equally.  Parul is guaranteed minimum annual profit of ₹2,00,000. Kaushal is to get Commission @5% of Net Sales and the commission is determined at ₹50,000. Net Profit for the year ended 31st March, 2025 is ₹2,50,000. Prepare Profit & Loss Appropriation...

82. Nimrat, Maira and Kabir are partners sharing profits in the ratio of 2:2:1. Nimrat is guaranteed minimum profit of ₹1,60,000 per annum. Net Profit for the year ended 31st March, 2025 is ₹1,00,000.  Prepare Profit & Loss Appropriation Account for the year. Answer : Back

83. Ashmit, Abbas and Karrnan are partners sharing profits in the ratio of 3: 2:1. Abbas is guaranteed minimum profit of ₹1,50,000 per annum. The firm incurred loss for the year ended 31st March, 2025 of ₹30,000. How much deficiency will Ashmit bear for the year?   Answer : Back

84. Anand, Ridhi, and Shyam were partners in a firm sharing profits and losses in the ratio of 2:2:1.  Their fixed capitals were ₹1,00,000, ₹60,000, and ₹40,000 respectively. For the year ended 31st March, 2023. interest on capital was credited to their capital accounts @9 % p.a. instead of 7%...

85. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1st April, 2024, they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of ₹75,000. The new profit-sharing ratio between P and Q will remain the...

86. A and B are in partnership sharing profits and losses in the ratio of 3: 2. They admit C, their Manager, as a partner with effect from 1st April, 2024, for 1/4th share of profits. C, while being Manager, was receiving salary of ₹27,000 p.a. and commission of 10%...

87. The partners of a firm Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017, ₹80,000 in the ratio of 3 :3 :2 without providing for the following adjustments: (a) Alia and Chand were entitled to a salary of ₹1,500 each per month. (b) Bhanu...

88. Ajay, Binay and Chetan were partners sharing profits in the ratio of 3:3:2. The Partnership Deed provided for the following: (i) Salary of  ₹2,000 per quarter to Ajay and Binay. (ii) Chetan was entitled to a commission of ₹8,000. (iii) Binay was guaranteed a profit of ₹50,000 p.a. The...

89. Ankur, Bhavna and Disha are partners in a firm on 1st April, 2024, the balances in their Capital Account stood at ₹14,00,000, ₹6,00,000 and ₹4,00,000 respectively. They shared profits in the proportion of 7:3:2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to...

90. Three Chartered Accountants Abhijit, Baljit and Charanjit form partnership, profits being shared in the ratio of 3: 2:1 subject to the following:. (a) Charanjit’s share of profit guaranteed to be not less than ₹15,000 pa. (b) Baljit gives a guarantee to the effect that gross fee earned by him...

91. Xen, Sam and Tim are partners in a firm. For the year ended 31st March, 2025, profit of the firm ₹1,20,000 was distributed equally among them, without giving effect to the following terms of the partnership Deed    Sam’s guarantee to the firm that the firm would earn a...