Multiple choice

A and B share profits and losses in the ratio of 2: 1. They admit C as partner with th share in profits with a guarantee that his share of profit shall be at least R50,000. The net profit of the firm for the year ending March 318, 2022 was 12,40,000, Determine C's share in profits. (a) €50,000 (b) €60,000 (c) 540,000 (a) 30,000 Read the passage given below and answer the question: Direction 041. To 045. Teesha and Ritik are partners in a firm without any agreement. Due to lack agreement they realised that there was contradiction between then on one issue or the other so they decided to enter into a written agreement with regard to different terms and conditions. As per the agreement they will be sharing profits in the ratio of 3: 2. At the beginning of 2022-2023 ie. 18 April 2022 their capital were €60,000 and 240,000 respectively. They earn a profit of 230,000 for the year ending 31t March 2023. According to agreement, both Teesha and Ritik are entitled to $1,000 per month as salary and 5% p.a. interest on their capital. They are also to be charged an interest of 5% p.a. on their drawings, which was 112,000 for Teesha and 18,000 for Ritik for the year 2022-2023. Determine the amount of interest on drawing to be charged from Ritik. (a)¥200 (b)¥300 (c) 3400 (d) 2600

  1. (a)¥200

  2. (b)¥300

  3. (c) 3400

  4. (d) 2600

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