Question : A partner introduced additional capital of Rs.1,00,000 in the firm on 1 July, 2020. The interest on this additional capital received by him on 31st March, 2021 will be:
Option 1: Rs.3,000
Option 2: Rs.6,000
Option 3: Rs.10,000
Option 4: Nil
Correct Answer: Nil
Solution : In the absence of any rate of interest on the capital introduced, a partner will not be allowed any interest on capital. Hence, the correct option is 4.
Question : Current Account of the partners should be opened when capital are:
Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:
Question : What balance does a partner's capital account have, in case of fluctuating capital?
Question : Which of the following is an appropriation of profit?
Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile