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A, B and C were Partners with capitals o...

A, B and C were Partners with capitals of Rs.50,000, Rs.40,000 and Rs.30,000 respectively carrying on business in partnership. The firm's reported profit for the year was Rs.80,000. As per provision of the Indian Partnership Act, 1932, find out the share of each partner in the above amount after taking into account that no interest has been provided on an advance by A of Rs.20,000 in addition to his capital contribution.

A

Rs.26,267 for Partner B and C and Rs.27,466 for Partner A

B

Rs.26,667 each partner

C

Rs.33,333 for A Rs.26,667 for B and Rs.20,000 for C

D

Rs.30,000 each partner

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A
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DK GOEL-ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS -Multiple Choice Questions (ii) Partnership Deed (HOTS)
  1. In the absence of Partnership Deed, the interest is allowed on partner...

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  2. In the absence of a partnership deed, the allowable rate of interest o...

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  3. A and B are partners in partnership firm without any agreement. A has ...

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  4. A and B are partners in a partnership firm without any agreement. A de...

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  5. In the absence of partnership deed, the following rule will apply :

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  6. In the absence of agreement, partners are not entitled to :

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  7. Interest on capital will be paid to the partners if provided for in th...

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  8. Which one of the following items cannot be recorded in the profit and ...

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  9. If any loan or advance is provided by partner then, balance of such Lo...

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  10. A, B and C were Partners with capitals of Rs.50,000, Rs.40,000 and Rs....

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  11. X, Y and Z are partners in a firm. At the time of division of profit f...

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  12. X, Y and Z are partners in a firm. At the time of division of profit f...

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  13. On 1st June, 2018 a partner introduced in the firm additional capital ...

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  14. On 1st January 2019, a partner advanced a loan of Rs.1,00,000 to the f...

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  15. A partner introduced additional capital of Rs.30,000 and advanced a lo...

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  16. In the absence of partnership deed, partners share profits or losses :

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  17. In the absence of Partnership Deed :

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  18. In the absence of express agreement, interest @6% p.a. is provided :

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  19. Which of the following items are recorded in the Profit & Loss Appropr...

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  20. Is rent paid to a partner appropriation of profits?

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