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 : A, B and C are partners in a firm with fixed capitals Rs.10,000, Rs.20,000 and Rs.30,000 respectively. The profit for the year is Rs.9,000. In the absence of the partnership deed, the profit is divided among A, B and C in _____ ratio.

Option 1: 1:2:3

Option 2: 1:1:1

Option 3: 3:2:1

Option 4: None of these

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

Question : A partner introduced additional capital of Rs.1,00,000 in the firm on 1 July, 2020. The interest on this additional capital received by him on 31st March, 2021 will be:

Option 1: Rs.3,000

Option 2: Rs.6,000

Option 3: Rs.10,000

Option 4: Nil

Question : Current Account of the partners should be opened when capital are:

Option 1: fluctuating

Option 2: fixed

Option 3: circulating

Option 4: none of these