Question : Arun and Ravi are partners sharing profits and losses in the ratio of 7:3 with capital of Rs 4,00,000 and Rs 3,00,000 respectively. According to the partnership deed interest on capital is to be provided @8% p.a. and is to be treated as a charge. Profit for the year is Rs 40,000. Choose the correct option:

Option 1: Arun will be credited by Rs. 32,000 and Ravi will be credited by Rs. 24,000 and debited profit and loss appropriation account.

Option 2: Arun will be credited by Rs. 32,000 and Ravi will be credited by Rs. 24,000. Debited
profit and loss account.

Option 3: Arun will be credited by Rs. 11,200 and Ravi will be credited by Rs. 4800. Debited profit and loss appropriation account.

Option 4: Arun will be credited by Rs. 10,400 and Ravi will be credited by Rs. 9,600 and debited profit and loss account.

Question : Arun and Ravi are partners sharing profits and losses in the ratio of 7:3 with capital of Rs 4,00,000 and Rs 3,00,000 respectively. According to the partnership deed interest on capital is to be provided @8% p.a. and is to be treated as a charge. Profit for the year is Rs 40,000. Choose the correct option:

Option 1: Arun will be credited by Rs. 32,000 and Ravi will be credited by Rs. 24,000 and debited profit and loss appropriation account.

Option 2: Arun will be credited by Rs. 32,000 and Ravi will be credited by Rs. 24,000. Debited
profit and loss account.

Option 3: Arun will be credited by Rs. 11,200 and Ravi will be credited by Rs. 4800. Debited profit and loss appropriation account.

Option 4: Arun will be credited by Rs. 10,400 and Ravi will be credited by Rs. 9,600 and debited profit and loss account.

Question : Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs.2,350.

Option 1: Debited profit and loss suspense account By Rs 2,350

Option 2: Credited profit and loss account by Rs 2,350

Option 3: Debited profit and loss appropriation account Rs 2,350

Option 4: Credited profit an d loss appropriation account Rs 2,350

Question : Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3: 2: 2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs.2,350.

Option 1: Debited profit and loss suspense account By Rs 2,350

Option 2: Credited profit and loss account by Rs 2,350

Option 3: Debited profit and loss appropriation account Rs 2,350

Option 4: Credited profit an d loss appropriation account Rs 2,350

Question : P, R and A are partners sharing profit and losses in the ratio of 1:1:1. A retired on 1st April, 2021. P and R decided to continue the business share profit in the ratio of 3: 2. They also decided to give effect to the change In value of assets and liabilities without changing their book value Profit on revaluation is Rs 1,35,000. Adjustment entry will be:

Option 1: Debited revaluation account Rs 1,35,000 and credited old partners capital account by Rs 1,35,000

Option 2: Debited P's capital account by Rs 36,000 and debited R's capital account by Rs 9,000 and credited A's capital account by Rs 45,000

Option 3: Old partner's capital account debited and credited revaluation account by Rs 1,35,000

Option 4: Credited P's capital account by Rs 36,000 and credited R's capital account by Rs 9,000 and debited A's capital account by Rs 45,000

Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be

Option 1: Debited realisation account Rs 5,000, credited Pavit's capital account Rs 5,000

Option 2: Debited realisation account Rs 5,000, credited Bank account Rs 5,000

Option 3: Debited realisation account Rs 5,000 and credited Hitesh's capital account Rs 5,000

Option 4: Debited Pavit's capital account and credited Hitesh's capital account Rs 5,000