Question : Manoj, Rakesh and Harsh were partners sharing profits in the ratio of 2:2:1. Manoj died on 30th June 2020. Rakesh and Harsh decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last year's profit. Last year's loss was Rs. 2,00,000.

Profit and loss suspense account will be ___________by Rs____________.

Option 1: Debited by Rs 20,000

Option 2: Credited by Rs 20,000

Option 3: Debited by Rs 30,000

Option 4: None of the above

Question : Sanjay, Ajay and Karan were partners sharing profits in the ratio of 3: 2: 1. Karan died on 31st July, 2020. Sanjay and Karan decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last years profit. Last year loss was Rs. 1,80,000. Choose the correct option 

Option 1: Profit and loss suspense account will be debited by Rs 10,000

Option 2: Profit and loss suspense account credited by Rs 10,000

Option 3: Profit and loss account debited by Rs 10,000

Option 4: Profit and loss suspense account credited by Rs 10,000

Question : Sanjay, Ajay and Karan were partners sharing profits in the ratio of 3: 2: 1. Karan died on 31st July, 2020. Sanjay and Karan decided to continue the business. Share of profit or loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last years profit. Last year loss was Rs. 1,80,000. Choose the correct option 

Option 1: Profit and loss suspense account will be debited by Rs 10,000

Option 2: Profit and loss suspense account credited by Rs 10,000

Option 3: Profit and loss account debited by Rs 10,000

Option 4: Profit and loss suspense account credited by Rs 10,000

Question : Raman, Daman and Karan were partners sharing profits in the ratio of 3: 2: 1. Daman died on 30th June 2020. Raman and Karan decided to continue the business. Share of profit o loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last year’s profit, which was Rs. 3,60,000. Choose the correct option 

Option 1: Profit and loss account debited by Rs 30,000.

Option 2: Profit and loss account credited by Rs 30,000

Option 3: Profit and loss suspense account will be debited by Rs 30,000

Option 4: Profit and loss suspense account will be credited By Rs 30,000

Question : Raman, Daman and Karan were partners sharing profits in the ratio of 3: 2: 1. Daman died on 30th June 2020. Raman and Karan decided to continue the business. Share of profit o loss of the deceased partner from the beginning of the year up to the date of death was to be determined on the basis of last year’s profit, which was Rs. 3,60,000. Choose the correct option 

Option 1: Profit and loss account debited by Rs 30,000.

Option 2: Profit and loss account credited by Rs 30,000

Option 3: Profit and loss suspense account will be debited by Rs 30,000

Option 4: Profit and loss suspense account will be credited By Rs 30,000

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