Commerce Accountancy · Quantitative Aptitude
Partnership accounting involves calculating profit and loss sharing ratios among business partners. It covers topics like interest on capital, joint life policies, and capital balances. These questions are a staple in commerce exams and test core accountancy principles.
A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,000. He pays expenses amounting to Rs. 1,000. B incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. What will be the amount to be remitted by B to A?
Rs.
Opening Capital 50,000
Closing Capital 52,000
Net profit during the year 5,000
If the above figure are drawn from the books of a trader, then his drawings, if any, are ____________.
A and B purchased a piece of land for Rs.40,000 and sold it for Rs.60,000 in 2005. Originally A had contributed Rs. 24,000 and B Rs. 16,000. What will be the profit on venture ?
Ajay and Anil start a business in partnership. Anil invested $Rs.300$ more that Ajay for half the number of months that Ajay did. If, out of the total profit of $Rs.375$ of the one year, Ajay got $Rs.25$ more than Anil, what was the investment made by Anil?
$A$ started a business with a capital of $Rs.10000$. Four month later, $B$ joined him and $2$ more moth letter , $C$ joined them in the partnership. If at the end of the year, all of them got an equal shares of profit, what was $C's$ investment?
New profit sharing ratio is calculated at the time of _________ .
X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute among the partners. Profits before interest on partners capital and loan was Rs. 6,000 and.Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.
$A, B$ and $C$ are partners sharing profits in the ratio of $2 : 2 : 1$. $C$ retired. The new profit-sharing ratio between $A$ and $B$ will be :
A and B entered into a joint venture contract. They opened a joint bank account by contributing Rs. 1,00,000 each. The expenses incurred on contract were Rs. 1,00,000. Contract money received by cheque was Rs. 2,00.000 and in shares Rs. 50,000. The shares are sold for Rs. 40,000. What will be the profit on venture ?
A and B enter into a joint venture sharing profit and losses in the ratio 2:3. Goods were purchased by A for Rs. 55,000. Expenses incurred by A Rs. 3,500 and by B Rs. 5.200. B sold the goods for Rs. 80,000. Remaining stock was taken over by B at Rs. 12,200. What will be the final remittance to be made by B to A?
Ajay and Vijay are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2017 were Rs 24,000 and Rs 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.
The ending balance of owner's equity is Rs.21,000. During the year, the owner contributed Rs.6,000 and withdrew Rs.4000. If the firm had Rs.8,000 net income for the year what was the owner's equity at the beginning?
A, B, and C are partners sharing profits in the ratio of $ 5:3:2.$ They decide to share the future profits in the ratio of 2:3:5 with effect from $1st$ April, 2018. What will be accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no information is available for the same?
X, Y and Z are partners sharing profits in the ratio of $ 5:3:2.$ They decide to share future profits in the ratio of $2:3:5$ with effect from $1^{st}$ April, $2018$ . They also decide to record the effect of following revaluation without affecting the book values of assets and liabilities, by passing single adjusting entry :
| Book Value (Rs.) | Revised Value (Rs.) | |
|---|---|---|
| Land and Building | 3,00,000 | 4,50,000 |
| Plant and Machinery | 4,50,000 | 4,20,000 |
| Trade Creditors | 1,50,000 | 1,35,000 |
| Outstanding Rent | 1,35,000 | 1,80,000 |
The necessary single adjustment entry will be:
A and B enter into a joint venture sharing profits and losses equally. A purchased 5000 kg of rice @ Rs. 25/kg. B purchased 1000 kg of wheat @Rs. 30/kg. A sold 1000 kg of wheat @ Rs. 35/kg and B sold 5000 kg of rice @ Rs. 30/kg. The profit on venture will be :