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P, Q and R were partners in a firm sharing profits and losses in the ratio 2.2:1. They admitted L as a new partner for 1/5 share in the profits. I was given a guarantee that his share of profit shall be 1,00,000. Any deficiency arising on account of guarantee to L will be borne by Q. The profit of the firm during the year ended 31.3.2021 was 4,00,000. The amount of deficiency bome by Q was Answer

P, Q and R were partners in a firm sharing profits and losses in the ratio 2.2:1. They admitted L as a new partner for 1/5 share in the profits. I was given a guarantee that his share of profit shall be 1,00,000. Any deficiency arising on account of guarantee to L will be borne by Q. The profit of the firm during the year ended 31.3.2021 was 4,00,000. The amount of deficiency bome by Q was

P, Q and R were partners in a firm sharing profits and losses in the ratio 2.2:1. They admitted L as a new partner for 1/5 share in the profits. I was given a guarantee that his share of profit shall be 1,00,000. Any deficiency arising on account of guarantee to L will be borne by Q. The profit of the firm during the year ended 31.3.2021 was 4,00,000. The amount of deficiency bome by Q was

  • (A) 380,000
  • (B) 320,000
  • (C) 1,00,000
  • (D) 36,667

The Correct Answer is (B) 320,000.

The document that contains the terms of partnership is called: Answer

A, B, C and D are partners in a firm. They want to expand their business for which additional capital and more managerial experts are required. For this they want to admit more members in their firm. What is the maximum number of additional members that can be admitted by them in the firm: Answer

Vijay and Rattan are partners in a firm. The partnership agreement provides for interest on drawings @ 12% per annum. Which of the following accounts will be debited to transfer interest on drawings to Profit and Loss Appropriation Account: Answer

A and B were partners in a firm. Their capitals at the end of the year ending on 31.3.2021 were Rs. 3,00,000 and Rs. 1,50,000 respectively. During the year B withdrew 10,000 which was debited to his capital account. Profit for the year ended 31st March, 2021 was 32,000 which was credited to their capital accounts. During the year B introduced additional capital 32,000. What was B’s capital on 1.4.2020? Answer

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