12th cbse accountancy 26th sep 24

Suchi and Ruchi were partners in a firm sharing profits and losses equally. Throughout the year, Ruchi withdrew 12,000 in the middle of each month. Interest on drawings is to be charged @ 6% p.a. as per partnership agreement. The average period for calculation of interest on drawings will be

• 6.5 months

• 6 months.

• 5.5 months

• 1 month.

A and B were partners in a firm sharing profits and losses in the ratio of 3: 2. On 1st April, 2021, the balances in their capital accounts were 1,50,000 and 2,00,000 respectively. The partnership deed provided that interest on partner's capital will be allowed 10% per annum. During the year ended 31st March, 2022, the firm incurred a loss of 10,000. Interest on A's Capital will be

• 15,000.

• ₹9,000.

• Nil.

• 6,000.

_______ is the basis of relationship between the partners to run the partnership business.

• Offer

• Agreement

• Understanding

• Acceptance

Vijay and Ajay are partners in a firm. The partnership agreement provides for interest on drawings 12% per annum. Which of the following account will be debited to transfer interest on drawings to Profit and Loss Appropriation Account?

• Interest on Drawings Account

• Bank Account

• Partners' Current Accounts

• Partners' Capital Accounts

A' and 'B' were partners in a firm sharing profits and losses in the ratio of 7: 1. 'A' withdrew a fixed amount 12,000 at the beginning of each quarter. Interest on drawings is charged 6% p.a. The Journal entry for charging interest on drawings at the end of the year will be:

• Dr Interest on Drawing ₹ 1,800 and Cr A’s Capital A/c ₹ 1,800

• Dr Interest on Drawing ₹ 1,800 and Cr A’s Current A/c

• Dr A’s Capital A/c ₹ 1,800 and Cr Interest on Drawing ₹ 1,80

• Dr Profit and Loss appropriation A/c ₹ 1,800 and act Interest On Drawing A/c