Question : P, Q and R are in a partnership business. P used Rs.1,00,000 of the firm for some speculation activity and earned a profit of Rs.75,000. Which decision is the most appropriate regarding this case?
Option 1: P must return Rs.1,00,000 to the firm
Option 2: P must pay back Rs.1,00,000 equally Q and R
Option 3: P must return Rs.1,75,000 to the firm
Option 4: P must sacrifice his share of profit of Rs.75,000 in that year
Correct Answer: P must return Rs.1,75,000 to the firm
Solution : Partner needs to return the profit along with the firm's assets. P must return to the firm = Speculation activity + Profit = Rs.1,00,000 + Rs.75,000 = Rs.1,75,000. Hence, the correct option is 3.
Question : Mohit and Rohit were partners in a firm with the capitals of Rs.80,000 and Rs.40,000 respectively. The firm earned a profit of Rs.30,000 during the year. Mohit's share in the profit will be:
Option 1: Rs.20,000
Option 2: Rs.10,000
Option 3: Rs.15,000
Option 4: Rs.18,000
Question : If total assets of a firm are Rs.12,00,000 and total liabilities are Rs.2,40,000, what will be the capitals of P, Q and R if they share profits in the ratio of their capitals and profit sharing ratio is 1 : 2 : 3 -
Option 1: P: Rs.4,80,000; Q: Rs.3,20,000; R: Rs.1,60,000
Option 2: P: Rs.1,60,000; Q: Rs. 3,20,000; R: Rs. 4,80,000
Option 3: P: Rs. 2,00,000; Q: Rs. 4,00,000; R: Rs. 6,00,000
Option 4: P: Rs. 6,00,000; Q: Rs. 4,00,000; R: Rs. 2,00,000
Question : A, B and C are partners in a firm. Their profit-sharing ratio is 2:2:1. C is guaranteed a minimum of Rs 1,00,000 as a share of profit every year. Any deficiency arising shall be met by B. The profits for the year ended 2021 are Rs 6,00,000 respectively. What will be the partners' profit share?
Option 1: Rs 1,50,000, Rs 1,00,000, Rs 50,000
Option 2: Rs 2,40,000, Rs 2,40,000, Rs 1,20,000
Option 3: Rs 3,00,000, Rs 2,00,000, Rs 1,00,000
Option 4: None of these
Question : Average profits of a firm during the last few years are Rs. 80,000 and the normal rate o return in a similar business is 10%. If the goodwill of the firm is Rs. 1,00,000 at 4 years purchase of super profit, the value of capital employed by the firm is
Option 1: Rs 55,000
Option 2: Rs 5,50,000
Option 3: Rs 10,50,000
Option 4: Rs 1,00,000
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