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question_answer1) Read the following hypothetical text and answer the given questions: Sona and Mona are partners in a firm engaged in the production and sale of woolen clothing. Their capital contribution was Rs. 10,00,000 each with profit sharing ratio of 1 : 1. Nina joined as a partner without capital for 1/3rd share in the profits of the firm. She is blind by birth but having good management qualities. They decided to sold products at a discount of 15% on maximum retail price to the people living below poverty line. They also decided to open new retail shops in the naxal affected areas of the country. New jobs of sales persons will be reserved for the girls belonging to scheduled castes and scheduled tribes. The new partnership agreement provides for the following: (i) 10% of the trading profit will be donated to Prime Minister Relief Fund (ii) 10% of the trading profit will be donated to National Blind Relief Fund (iii) Sona withdrew 5,000 per month at the beginning of every month and Mona withdrew Rs.5,000 per month at the end of every month. Interest is charged on Sona's and Mona's drawings @ 10% p.a. (iv) 10% of distributable profit will be transferred to Reserve Fund Trading profit for the year 31 st March, 2020 was Rs. 10,00,000. Based on the above information you are required to answer the following questions: Profit will be shared.............. among Sona, Mona & Nina
question_answer2) Read the following hypothetical text and answer the given questions: Sona and Mona are partners in a firm engaged in the production and sale of woolen clothing. Their capital contribution was Rs. 10,00,000 each with profit sharing ratio of 1 : 1. Nina joined as a partner without capital for 1/3rd share in the profits of the firm. She is blind by birth but having good management qualities. They decided to sold products at a discount of 15% on maximum retail price to the people living below poverty line. They also decided to open new retail shops in the naxal affected areas of the country. New jobs of sales persons will be reserved for the girls belonging to scheduled castes and scheduled tribes. The new partnership agreement provides for the following: (i) 10% of the trading profit will be donated to Prime Minister Relief Fund (ii) 10% of the trading profit will be donated to National Blind Relief Fund (iii) Sona withdrew 5,000 per month at the beginning of every month and Mona withdrew Rs.5,000 per month at the end of every month. Interest is charged on Sona's and Mona's drawings @ 10% p.a. (iv) 10% of distributable profit will be transferred to Reserve Fund Trading profit for the year 31 st March, 2020 was Rs. 10,00,000. Based on the above information you are required to answer the following questions: Amount donated to Prime Minister Relief Fund is:
question_answer3) Read the following hypothetical text and answer the given questions: Sona and Mona are partners in a firm engaged in the production and sale of woolen clothing. Their capital contribution was Rs. 10,00,000 each with profit sharing ratio of 1 : 1. Nina joined as a partner without capital for 1/3rd share in the profits of the firm. She is blind by birth but having good management qualities. They decided to sold products at a discount of 15% on maximum retail price to the people living below poverty line. They also decided to open new retail shops in the naxal affected areas of the country. New jobs of sales persons will be reserved for the girls belonging to scheduled castes and scheduled tribes. The new partnership agreement provides for the following: (i) 10% of the trading profit will be donated to Prime Minister Relief Fund (ii) 10% of the trading profit will be donated to National Blind Relief Fund (iii) Sona withdrew 5,000 per month at the beginning of every month and Mona withdrew Rs.5,000 per month at the end of every month. Interest is charged on Sona's and Mona's drawings @ 10% p.a. (iv) 10% of distributable profit will be transferred to Reserve Fund Trading profit for the year 31 st March, 2020 was Rs. 10,00,000. Based on the above information you are required to answer the following questions: Interest charged on Sona's and Mona's drawings will be:
question_answer4) Read the following hypothetical text and answer the given questions: Sona and Mona are partners in a firm engaged in the production and sale of woolen clothing. Their capital contribution was Rs. 10,00,000 each with profit sharing ratio of 1 : 1. Nina joined as a partner without capital for 1/3rd share in the profits of the firm. She is blind by birth but having good management qualities. They decided to sold products at a discount of 15% on maximum retail price to the people living below poverty line. They also decided to open new retail shops in the naxal affected areas of the country. New jobs of sales persons will be reserved for the girls belonging to scheduled castes and scheduled tribes. The new partnership agreement provides for the following: (i) 10% of the trading profit will be donated to Prime Minister Relief Fund (ii) 10% of the trading profit will be donated to National Blind Relief Fund (iii) Sona withdrew 5,000 per month at the beginning of every month and Mona withdrew Rs.5,000 per month at the end of every month. Interest is charged on Sona's and Mona's drawings @ 10% p.a. (iv) 10% of distributable profit will be transferred to Reserve Fund Trading profit for the year 31 st March, 2020 was Rs. 10,00,000. Based on the above information you are required to answer the following questions: Amount transferred to Reserve Fund will be;
question_answer5) Read the following hypothetical text and answer the given questions: Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their fixed capitals on 1st April, 2014 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%. Based on the above information you are required to answer the following questions: Interest on Seema's capital will be:
question_answer6) Read the following hypothetical text and answer the given questions: Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their fixed capitals on 1st April, 2014 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%. Based on the above information you are required to answer the following questions: Interest on Tanuja's drawings will be:
question_answer7) Read the following hypothetical text and answer the given questions: Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their fixed capitals on 1st April, 2014 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%. Based on the above information you are required to answer the following questions: State whether the following is true or false: 'Interest will not be charged on Tripti's drawings.'
question_answer8) Read the following hypothetical text and answer the given questions: Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their fixed capitals on 1st April, 2014 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%. Based on the above information you are required to answer the following questions: Interest on capital and drawings will be transferred to ............ account.
question_answer9) Read the following hypothetical text and answer the given questions: Tom, Tim and Ram decided to start a partnership firm to manufacture 1,000 cost jute bags as plastic bags were creating many environmental problems. Tom contributed Rs. 1,00,000 and Tim contributed Rs. 50,000 as their capital. Ram is specially abled but is very creative and intelligent. He did not contribute any capital. The terms of partnership were as follows: [a] Tom, Tim and Ram will share profit in 2: 2:1 ratio. [b] Interest on capital will be provided to Tom and Tim @ 6% p.a. [c] Tim advanced a loan of Rs. 10,000 to the partnership firm on 1st October. [d] Tom will be entitled to a salary of Rs.1,000 per month. [e] Interest on loan to Tim was allowed @ 6% p.a. Due to shortage of capital, Tom contributed Rs. 25,000 on 30th September, 2020 and Tim contributed Rs. 10,000 on 1st January, 2021 as additional capital. The profit of the firm for the year ended 31st March, 2021 was Rs. 1,69,800. Based on the above information you are required to answer the following questions: State whether the following is true or false: Tom will be entitled to a salary of............... at the end of the accounting period.
question_answer10) Read the following hypothetical text and answer the given questions: Tom, Tim and Ram decided to start a partnership firm to manufacture 1,000 cost jute bags as plastic bags were creating many environmental problems. Tom contributed Rs. 1,00,000 and Tim contributed Rs. 50,000 as their capital. Ram is specially abled but is very creative and intelligent. He did not contribute any capital. The terms of partnership were as follows: [a] Tom, Tim and Ram will share profit in 2: 2:1 ratio. [b] Interest on capital will be provided to Tom and Tim @ 6% p.a. [c] Tim advanced a loan of Rs. 10,000 to the partnership firm on 1st October. [d] Tom will be entitled to a salary of Rs.1,000 per month. [e] Interest on loan to Tim was allowed @ 6% p.a. Due to shortage of capital, Tom contributed Rs. 25,000 on 30th September, 2020 and Tim contributed Rs. 10,000 on 1st January, 2021 as additional capital. The profit of the firm for the year ended 31st March, 2021 was Rs. 1,69,800. Based on the above information you are required to answer the following questions: State whether the following is true or false: Interest on capital allowed to Tom and Tim will be:
question_answer11) Read the following hypothetical text and answer the given questions: Tom, Tim and Ram decided to start a partnership firm to manufacture 1,000 cost jute bags as plastic bags were creating many environmental problems. Tom contributed Rs. 1,00,000 and Tim contributed Rs. 50,000 as their capital. Ram is specially abled but is very creative and intelligent. He did not contribute any capital. The terms of partnership were as follows: [a] Tom, Tim and Ram will share profit in 2: 2:1 ratio. [b] Interest on capital will be provided to Tom and Tim @ 6% p.a. [c] Tim advanced a loan of Rs. 10,000 to the partnership firm on 1st October. [d] Tom will be entitled to a salary of Rs.1,000 per month. [e] Interest on loan to Tim was allowed @ 6% p.a. Due to shortage of capital, Tom contributed Rs. 25,000 on 30th September, 2020 and Tim contributed Rs. 10,000 on 1st January, 2021 as additional capital. The profit of the firm for the year ended 31st March, 2021 was Rs. 1,69,800. Based on the above information you are required to answer the following questions: State whether the following is true or false: 'Interest on loan is an appropriation of profits and is debited to profit and loss appropriation account'.
question_answer12) Read the following hypothetical text and answer the given questions: Tom, Tim and Ram decided to start a partnership firm to manufacture 1,000 cost jute bags as plastic bags were creating many environmental problems. Tom contributed Rs. 1,00,000 and Tim contributed Rs. 50,000 as their capital. Ram is specially abled but is very creative and intelligent. He did not contribute any capital. The terms of partnership were as follows: [a] Tom, Tim and Ram will share profit in 2: 2:1 ratio. [b] Interest on capital will be provided to Tom and Tim @ 6% p.a. [c] Tim advanced a loan of Rs. 10,000 to the partnership firm on 1st October. [d] Tom will be entitled to a salary of Rs.1,000 per month. [e] Interest on loan to Tim was allowed @ 6% p.a. Due to shortage of capital, Tom contributed Rs. 25,000 on 30th September, 2020 and Tim contributed Rs. 10,000 on 1st January, 2021 as additional capital. The profit of the firm for the year ended 31st March, 2021 was Rs. 1,69,800. Based on the above information you are required to answer the following questions: Show the distribution of profit between Tom, Tim and Ram.
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