Home
Class 12
ACCOUNTS
On 1st January 2019, a partner advanced ...

On 1st January 2019, a partner advanced a loan of Rs.1,00,000 to the firm. In the absence of agreement, interest on loan on 31st March, 2019 will be :

A

Nil

B

Rs.1,500

C

Rs.3,000

D

Rs.6,000

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

Similar Questions

Explore conceptually related problems

On 1st June, 2018 a partner introduced in the firm additional capital Rs.50,000. In the absence of partnership deed, on 31st March, 2019 he will receive interest :

On 1st April 2018, X's Capital was 2,00,000. On 1st October 2018, he introduces additional capital of Rs.1,00,000. Interest on capital @6% p.a. on 31st March, 2019 will be :

Following is the Trial Balance of Venkat on 31st March, 2019. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 Value of Closing Stock as on 31st March, 2019 was Rs 2,70,000

A , B and C started business on 1st April ,2018 with capitals of ₹ 1,00,000 , ₹ 80,000 and ₹ 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 :3 . For the year ended 31st March , 2019 , the firm suffered a loss of ₹ 50,000 . Each of the partners withdrew ₹ 10,000 during the year . On 31st March , 2019 , the firm was dissolved , the creditors of the firm stood at ₹ 24,000 on that date and Cash in Hand was ₹ 4,000 . The assets realised ₹ 3,00,000 and Creditors were paid ₹ 23,500 in full settlement of their claims . Prepare Realisation Account and show your working clearly :

X is a partner in a firm. He withdrew regularly Rs.1,000 at the beginning of every month for the six months ending 31st March, 2019. If interest on drawings is charged @8% p.a. the interest charged will be :

Following is the Receipts and Payments Account of Mumbai Club for the year ended 31st March 2019 : Additional Information (i) Stationery Expenses Rs 31,200 related to the year ended 31st March 2018 and outstanding for the year ended 31st March 2019 was Rs. 36,400. (ii) Subscriptions unpaid for the year ended 31st March 2019 Rs. 86,800, Subscriptions for Governor's Party outstanding for the year ended 31st March 2019 Rs. 55,000. Governor's party is to be held in April 2019. (iii) The club owned sports materials of the value Rs. 16,00,000 on 1st April 2018, This was valued at Rs. 13,50,000 on 31st March 2019 . Stock includes Sports Materials of Rs. 50.000, Which is to be written off being not useable. The club took a loan of Rs. 20,00,000 in the year ended 31st March 2018. Prepare Income and Expenditure Account for the year ended on 31st March 2019 and Balance Sheet as at that date.

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

    |