Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from  1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.

The deceased partner’s share in the current year’s profits of the firm will be 

Option 1: Rs 24,000

Option 2: Rs 18,000

Option 3: Rs 10,000

Option 4: Rs 22,000

Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.

Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.

Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account

Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account

Option 3: Debited S's capital account and credited profit and loss suspense account

Option 4: None of the above

Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.

Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.

Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account

Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account

Option 3: Debited S's capital account and credited profit and loss suspense account

Option 4: None of the above

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of $10 \%$ p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. $15,00,000$. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
Amount of Interest on capital will be

Option 1: Rs 24,000

Option 2: Rs 21,000

Option 3: Rs 20,000

Option 4: None of the above

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of $10 \%$ p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. $15,00,000$. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
Amount of Interest on capital will be

Option 1: Rs 24,000

Option 2: Rs 21,000

Option 3: Rs 20,000

Option 4: None of the above