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
Correct Answer: X Rs 42,000, Y Rs 28,000, Z Rs 20,000
Solution : Answer = X Rs 42,000, Y Rs 28,000, Z Rs 20,000 Profit=90,000 X's share=$90,000 \times \frac{3}{6}$=45,000 Y's share=$90,000 \times \frac{2}{6}$=30,000 Z's share=$90,000 \times \frac{1}{6}$=15000 Z's guarantee=20,000 Deficiency=20,000-15,000=5,000 X's share=$5000 \times \frac{3}{5}$=3000 =45000-3000=42,000 Y's share=30,000-2,000=28,000. Z's share=15,000+3,000+2,000=20,000. Hence, the correct option is 4.
Question : X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership with 1/5th share in profits which he acquires equally from X and Y. Z brings in Rs.40,000 as goodwill in cash. Goodwill amount will be credited to -
Option 1: X: Rs.25,000; Y: Rs.15,000
Option 2: X: Rs.4,000; Y: Rs.4,000
Option 3: X: Rs.20,000; Y: Rs.20,000
Option 4: X: Rs.24,000; Y: Rs.16,000
Question : X and Y are partners sharing profit and losses in the ratio of 2: 1. They admit Z into partnership with 1/4th share in profits which he acquires equally from X and Y. Z brings in Rs. 1,65,000 as capital and Rs. 30,000 as goodwill in cash. Partners capital account will be credited with _____ and new profit sharing between partners will be............
Option 1: X's credited with Rs 20,000 and Y with Rs 10,000, NPSR 13: 5: 6
Option 2: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 3: 2: 1
Option 3: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 13: 5: 6
Option 4: None of the above
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 : Simplify the given expression. $\frac{x^3+y^3+z^3-3 x y z}{(x-y)^2+(y-z)^2+(z-x)^2}$
Option 1: $\frac{1}{3}(x+y+z)$
Option 2: $(x+y+z)$
Option 3: $\frac{1}{4}(x+y+z)$
Option 4: $\frac{1}{2}(x+y+z)$
Question : X and Y are partners sharing profit and losses in the ratio of 4:1. They agreed to admit Z into partnership for 1/3 rd share in profit. It was agreed that X, Y and Z would share future profit equally in future. Z brought Rs 50,000 as goodwill for his 1/3rd share in profits. Choose the necessary journal entry that will be recorded for the treatment in the books of the firm.
Option 1: Debiting Z with Rs 50,000 and crediting X and Y with Rs 20,000 and Rs 30,000
Option 2: Bank account debiting Rs 50,000 and crediting Z's capital account with Rs 50,000
Option 3: Debiting Z with Rs 50,000 and Debiting Y with Rs 20,000 and crediting X with Rs 70,000
Option 4: Both 2 and 3
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile