Question : L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July 2019 on which date the capitals of L, B and P after all necessary adjustments stood at Rs. 75,000; Rs. 65,000 and Rs. 45,000 respectively. L and B continued to carry on the business for 6 months without settling the account of P. During the 6 months ended 31st December 2019, a profit of Rs. 50,000 was earned by the firm. Choose the correct options available with P's Executor under Section 37 of the Indian Partnership Act, 1932 should be exercised.
Option 1: Interest @ 6% p.a. on balance amount = Rs. 45,000 X 6/100 X 6/12= Rs. 1,350.
Option 2: Share in the subsequent profits attributable to the use of balance due to him Rs. 50,000 x Rs. 45,000/Rs. 1,85,000 = Rs. 12,162.
Option 3: Both 1 and 2
Option 4: None of the above
Correct Answer: Both 1 and 2
Solution : Answer = Both 1 and 2
Interest @ 6% p.a. on balance amount = Rs. $45,000\times\frac{6}{100}\times\frac{6}{12}$ = Rs. 1,350.
Share in the subsequent profits attributable to the use of balance due to him $\frac{\text{Rs.50,000}}{1,85,000}\times{45000}$ = Rs. 12,162. Hence, the correct option is 3.
Question : L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July 2019 on which date the capitals of L, B and P after all necessary adjustments stood at Rs. 75,000; Rs. 65,000 and Rs. 45,000 respectively. L and B continued to carry on the business
Question : During the year ending on 31st March, 2017 — 15% What should be the minimum investment or deposit by Universal Ltd. to meet the requirements of the Companies Act, 2013 and Rules before the redemption of debentures and When?
Question : During the year ending on 31st March 2018 — 25%What should be the minimum investment or deposit by Universal Ltd. to meet the requirements of the Companies Act, 2013 and Rules before the redemption of debentures and When?
Question : During the year ending on 31st March, 2021 — 20%. What should be the minimum investment or deposit by Universal Ltd. to meet the requirements of the Companies Act, 2013 and Rules before the redemption of debentures and When?
Question : A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs. 20,000 to the firm, and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved, and its assets were realised for Rs. 25,000. State the order of payment of Mrs.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile