Question : A, B and C are partners in a firm sharing profits in the ratio 2:2:1. C is guaranteed a minimum profit of Rs.40,000 by A. Profit for the year amounted to Rs.1,60,000. The profit credited to each partner will be

Option 1: Rs.40,000, Rs.80,000, Rs.40,000

Option 2: Rs.56,000, Rs.64,000, Rs.40,000

Option 3: Rs.64,000, Rs.64,000, Rs.32,000

Option 4: Rs.60,000, Rs.60,000, Rs.40,000

Question : P, Q and R are partners sharing profits and losses equally. Their capital balances at the beginning of the financial year were Rs.80,000, Rs.60,000 and Rs.40,000 respectively. Their personal assets were: P Rs.20,000, Q Rs.15,000 and R Rs.10,000. The extent of their liability towards the firm would be:

Option 1: P Rs.80,000, Q Rs.60,000, R Rs.40,000

Option 2: P Rs.20,000, Q Rs.15,000, R Rs.10,000

Option 3: P Rs.1,00,000, Q Rs.75,000, R Rs.50,000

Option 4: Equal

Question :

Which of the following will not appear on the asset side of the Balance Sheet of a Social Club?

Option 1: Honorarium

Option 2: Sports fund Investment

Option 3: Balance of cash in hand and Bank

Option 4: Outstanding Subscription

Question : A sports club received Rs.52,000 as subscription during the year. The club has 750 members each paying an annual subscription of Rs.100 each. Last year, 55 members of the club paid subscription in advance for this year. Subscription outstanding for the year amounts to:

Option 1: Rs.12,500

Option 2: Rs.13,000

Option 3: Rs.17,500

Option 4: Rs.25,000

Question : A partner, Gaurav, withdrew Rs.12,000 in the beginning of the each quarter during the year. Interest on drawings @ 8% chargeable to him will be:

Option 1: Rs.1,440

Option 2: Rs.2,400

Option 3: Rs.2,080

Option 4: Rs.1,760