Rakhi and shika are partner in a firm with capitals of rs 2 00 000 and rs 300000 respectively.the profit of the firm, for the year ended 2016 17 is ts 23,300 .as per the partnership agreement, they share the profit in their capital ratio, after allowing a salary of rs 5000 per month to Shikha and i

Question : On dissolution of the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A's loan. State the order of payment.

Option 1: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid before the payment of partner's Capitals.

Option 2: As per Section 48 of the Indian Partnership Act, 1932, partner's loan is paid after the payment of partner's Capitals.

Option 3: As per Section 48 of the Indian Partnership Act, 1932. Partner's loan is paid before the payment of outsider's liabilities.

Option 4: None of the above

Question : A, B and C started business on 1st April 2019 with capitals of Rs. 1,00,000; Rs. 80,000 and Rs. 60,000 respectively sharing profits (losses) in the ratio of 4:3:3. For the year ended 31st March 2020, the firm incurred a loss of Rs. 50,000. Each of the partners withdrew Rs. 10,000 during the year.

On 31st March 2020, the firm was dissolved, the creditors of the firm stood at Rs. 24,000 on that date and Cash in Hand was Rs. 4,000. The assets realised Rs. 3,00,000 and Creditors were paid Rs. 23,500 in full settlement of their claims.
Question:
In case of profit and loss on realization. Realization account will be debited/credited by

Option 1: Partner's capital account debited and credited realization account by Rs 1,20,500

Option 2: Realization account debited and partner's capital account credited by Rs 1,20,500

Option 3: Profit and loss account debited and credited partner's capital account

Option 4: None of the above

Question : A and B are partner in a partnership firm without any agreement. A devotes more time for the firm as compare to B. A will get the following commission in addition to profit in the firm's profit:

Option 1: 6% of profit 

Option 2: 4% of profit 

Option 3: 5% of profit 

Option 4: None of the above 

Question : A and B were partners from 1st April 2018 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits in the ratio of 3: 2. They carried on business for two years.

In the first year ended 31st March 2019, they earned a profit of Rs. 50,000 but in the second year ended 31st March 2020, a loss of Rs. 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March 2020. Creditors on that date were Rs 20,000. The partners withdrew for personal use of Rs. 8,000 per partner per year. The assets realised Rs. 1,00,000. The expenses of realisation were Rs. 3,000.
Question:
The profit/loss on realization is

Option 1: Profit Rs 21,000

Option 2: Loss Rs 21,000

Option 3: Loss Rs 2,100

Option 4: Profit Rs 2,100