Question : X, Y and Z are partners in a firm in 3:2:1. Z is Guaranteed that he will get a minimum of Rs 20,000 as his share of Profit every year. The firm's profit was Rs 90,000 Partners will get.

Option 1: X Rs 40,000, Y Rs 30,000, Z Rs 20,000

Option 2: X Rs 42,500, Y Rs 27,500, Z Rs 20,000

Option 3: X Rs 45,000, Y Rs 30,000, Z Rs 15,000

Option 4: X Rs 42,000, Y Rs 28,000, Z Rs 20,000

Question : Investment purchased during the year Rs 60,000 and interest on investment received Rs 1,000. 8% interest has accrued on Investment for five month. Calculate the amount credited to Income and Expenditure account and balance of investment at the end of the year.

Option 1: interest on investment credited to Income and Expenditure Account Rs 1,000 and closing balance of Investment is Rs 61,000

Option 2: interest on investment credited to Income and expenditure account Rs 3,000 and investment at the end of the year Rs 62,000

Option 3: Interest on investment credited to Income and Expenditure Account by Rs 2,000 and balance of investment at the end of the year Rs 60,000

Option 4: interest on investment credited to Income and Expenditure Account Rs 1,000 and Investment Balance at the end of the Year Rs 60,000

Question : Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5: 3: 2. Goodwill appeared in their books at a value of Rs. 60,000 and General Reserve at Rs. 20,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 2,40,000. The new profit-sharing ratio decided between Alia and Shilpa was 2: 3.

Amount payable to Karan on his retirement will be:

Option 1: Rs 72,000

Option 2: Rs 60,000

Option 3: Rs 18,000

Option 4: None of the above

Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases
Question:
Investment Fluctuation Reserve appears in the books at Rs. 40,000, while Investments (market value Rs. 1,00,000) appear at Rs. 85,000.

Option 1: Investment Fluctuation Reserve of Rs. 40,000 will be credited to A, B and C in 2: 2: 1.

Option 2: Debit Investments and Credit Revaluation A/c by Rs. 15,000 .

Option 3: Revaluation Profit of Rs. 15,000 will be credited to A, B and C in 2: 2: 1.

Option 4: All of the above

Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases
Question:
Investment Fluctuation Reserve appears in the books at Rs. 40,000, while Investments (market value Rs. 1,00,000) appear at Rs. 85,000.

Option 1: Investment Fluctuation Reserve of Rs. 40,000 will be credited to A, B and C in 2: 2: 1.

Option 2: Debit Investments and Credit Revaluation A/c by Rs. 15,000 .

Option 3: Revaluation Profit of Rs. 15,000 will be credited to A, B and C in 2: 2: 1.

Option 4: All of the above