Question : A, B and C are partners in 3 : 4 : 2. B wants to retire from the firm. The profit on revaluation on that date was Rs.36,000. New ratio of A and C is 5 : 3. Profit on revaluation will be distributed as :

Option 1: A: Rs.16,000; B: Rs.12,000; C: Rs.8,000

Option 2: A: Rs.12,000; B: Rs.16,000; C: Rs.8,000

Option 3: A: Rs.15,615; C: Rs.12,375

Option 4: A: Rs.22,500; C: Rs.13,500

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 : A and B are equal partners with capitals of Rs.2,00,000 and Rs.1,00,000 respectively. As per deed, they are allowed an interest @ 8% p.a. on capital. During the year, the firm earned a profit of Rs.12,000. Interest on capital allowed to A and B will be:

Option 1: Rs.16,000 and Rs.8.000 respectively

Option 2: Rs.8,000 and Rs.4,000 respectively

Option 3: Nil

Option 4: Rs.6,000 each

Question : Credit side of revaluation account Rs 60,000 and debit side of revaluation account Rs 40,000 . Entry for the balance will be .

Option 1: A and B debited with Rs 12,000 and Rs 8,000 and credited revaluation account Rs 20,000

Option 2: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000

Option 3: Revaluation account Dr 20,000 and crediting A, B and C with Rs 6,667 each

Option 4: None of the above

Question : X and Y are Partners in a Ratio of 3:2. Their capitals are Rs. 2,00,000 and Rs. 1,00,000, respectively. Interest on capital is allowed @8% p.a. The firm earned a profit of Rs. 60,000 for the year ended March 31st, 2019. Interest on capital will be

Option 1: X Rs. 16,000, Y Rs. 8,000

Option 2: X Rs. 8,000, Y Rs. 4,000

Option 3: X Rs. 14,400, Y Rs. 9,600

Option 4: No interest will be allowed.