NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership : Basic Concepts5/11/2017 TEST YOUR UNDERSTANDING – I 1. Mohan and Shyam are partners in a firm. State whether the claim is valid if the Answer Invalid (ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum; (iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits. (iv) Shyam wants interest on capital to be credited @ 6% per annum. (ii) Each partner carrying on the business is the principal as well as the agent for all the other partners; (iii) Maximum number of partners in a banking firm can be 20; (iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed; (v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner; (vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate. DO IT YOURSELFQ.1. Soumya and Bimal are partners in a firm Sharing profits and losses in the ratio of 3:2. The balance in their capital and current accounts as on April 01, 2006 were as under:
2. Soniya, Charu and Smita started a partnership firm on April 1, 2006. They contributed Rs, 5,00,000, Rs. 4,00,000 and Rs. 3,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3:2:1.The partnership provides that Soniya is to be paid a salary of Rs. 10,000 per TEST YOUR UNDERSTANDING – II1. Raju and Jai commenced business in partnership on April 1, 2006. No partnership agreement was made whether oral or written. They contributed Rs. 4,00,000 and State the correct position on each issue as per the provisions of the partnership Act. 1932. Answer Raju’s Claims 2. Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The profit (as per Profit and Loss Account) for the year ended March
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