Question 11 Mark
Ankit, Mohit and Vinod were partners in a firm sharing profits equally. On 1st April, 2020, their capitals stood at ₹ 2,00,000, ₹ 1,50,000 and ₹ 1,00,000 respectively. As per the provisions of Partnership Deed:
i. Ankit was entitled to a salary of ₹ 2,500 p.m.
ii. Partners were entitled to interest on capital @ 10% p.a.
The net profit for the year ended 31st March, 2021, ₹ 1,50,000 was distributed among the partners without providing for the above items.
Q.1. What is the amount of interest on capital of Mohit?
(a) ₹ 20,000 $\quad$(b) ₹ 10,000
(c) ₹ 15,000 $\quad$(d) ₹ 30,000
Q.2. What is the amount of distributable profit for the partners after providing salary and interest on capital to the partners?
(a) ₹ 25,000 each $\quad$(b) ₹ 15,000 each
(c) ₹ 50,000 each $\quad$(d) ₹ 10,000 each
i. Ankit was entitled to a salary of ₹ 2,500 p.m.
ii. Partners were entitled to interest on capital @ 10% p.a.
The net profit for the year ended 31st March, 2021, ₹ 1,50,000 was distributed among the partners without providing for the above items.
Q.1. What is the amount of interest on capital of Mohit?
(a) ₹ 20,000 $\quad$(b) ₹ 10,000
(c) ₹ 15,000 $\quad$(d) ₹ 30,000
Q.2. What is the amount of distributable profit for the partners after providing salary and interest on capital to the partners?
(a) ₹ 25,000 each $\quad$(b) ₹ 15,000 each
(c) ₹ 50,000 each $\quad$(d) ₹ 10,000 each
Answer
View full question & answer→ Q.1. (a) ₹ 20,000
Explanation:
₹ 20,000
Q.2. (a) ₹ 25,000 each
Explanation:
₹ 25,000 each
Explanation:
₹ 20,000
Q.2. (a) ₹ 25,000 each
Explanation:
₹ 25,000 each