Home
Class 12
ACCOUNTS
X, Y and Z are partners in a firm. At th...

X, Y and Z are partners in a firm. At the time of division of profit for the year, there was dispute between the partners. Profit before interest on partner's capital was Rs.6,000 and Y determined interest @24% p.a. on his loan of Rs.80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.

A

Rs.2,000 to each partner

B

Loss of Rs.4,400 for X and Z, Y will take Rs.14,800

C

Rs.400 for X, Rs.5,200 for Y and Rs.400 for Z

D

None of the above

Text Solution

Verified by Experts

Promotional Banner

Topper's Solved these Questions

  • ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS

    DK GOEL|Exercise Multiple Choice Questions (iii) Calculation of Profit and Division of Profit among partners (HOTS)|14 Videos
  • ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS

    DK GOEL|Exercise Multiple Choice Questions (iv) Calculation Accounts of Partners (HOTS)|15 Videos
  • ACCOUNTING FOR PARTNERSHIP FIRMS - FUNDAMENTALS

    DK GOEL|Exercise Multiple Choice Questions (viii) Guarantee of Profit to a Partner (HOTS)|13 Videos
  • ACCOUNTING RATIOS

    DK GOEL|Exercise Multiple Choice Questions (Profitability Ratios)|13 Videos
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...

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

  17. In the absence of Partnership Deed :

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |

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

    Text Solution

    |