Question 11 Mark
Mohit and Sonu are equal partner Their capitals as on 1st April, 2020 are 1,00,000 and 2,00,000 respectively. Profits for the year 2020-21 were ₹ 90,000. As per the agreement, interest on capitals was ₹ 10,000 and ₹ 20,000 respectively and interest on drawings was ₹ 6,000 and ₹ 10,000 respectively. Mohit's salary was ₹ 2,000 p.m. and Sonu's salary was ₹ 5,000 p.a.
Accountant, however, committed the mistake and credited the profit in the capital ratio, Without interest on capitals, drawings and salary.
Q.1. With what amount was Sonu's account credited with initially?
(a) ₹ 45,000 $\quad$(b) ₹ 30,000
(c) ₹ 60,000 $\quad$(d) ₹ 90,000
Q.2. What was the total salary required to be credited?
i. ₹ 70,000
ii. ₹ 84,000
iii. ₹ 29,000
iv. ₹ 48,000
(a) Option (iv) $\quad$(b) Option (ii)
(c) Option (i) $\quad$(d) Option (iii)
Accountant, however, committed the mistake and credited the profit in the capital ratio, Without interest on capitals, drawings and salary.
Q.1. With what amount was Sonu's account credited with initially?
(a) ₹ 45,000 $\quad$(b) ₹ 30,000
(c) ₹ 60,000 $\quad$(d) ₹ 90,000
Q.2. What was the total salary required to be credited?
i. ₹ 70,000
ii. ₹ 84,000
iii. ₹ 29,000
iv. ₹ 48,000
(a) Option (iv) $\quad$(b) Option (ii)
(c) Option (i) $\quad$(d) Option (iii)
Answer
View full question & answer→ Q.1. (c) ₹ 60,000
Explanation:
₹ 60,000
Q.2. (d) Option (iii)
Explanation:
₹ 29,000
Explanation:
₹ 60,000
Q.2. (d) Option (iii)
Explanation:
₹ 29,000