alleryA and B share profits 3:2. Net profit is ₹50,000. A's share is
- ₹25,000
- ₹33,333
- ₹20,000
- ₹30,000
Show answer and solution
Correct answer: D. ₹30,000
A's share = 50,000 × 3/5 = ₹30,000.
AP Intermediate 2nd Year Partnership Accounts — practice questions
Explore 39 free Partnership Accounts questions in AP Intermediate 2nd Year Accountancy. Open each question or exercise to read its content, reference answers and available explanation.
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Showing questions 1–30 of 39.
A and B share profits 3:2. Net profit is ₹50,000. A's share isRead the answer and worked solution →Capital ₹2,00,000; interest on capital at 10% p.a. for the full year isRead the answer and worked solution →Under the fixed capital method, the partners maintainRead the answer and worked solution →Under the fluctuating capital method, which item is NOT recorded in the capital account?Read the answer and worked solution →Interest on drawings isRead the answer and worked solution →Drawings of ₹10,000 made evenly through the year attract interest at 10% p.a. The interest on drawings is approximatelyRead the answer and worked solution →A partner's salary, when provided in the deed, isRead the answer and worked solution →A, B and C are partners 2:2:1. C is guaranteed minimum ₹20,000. Firm profit is ₹80,000. C's actual share before guarantee isRead the answer and worked solution →The Profit and Loss Appropriation Account is an extension of theRead the answer and worked solution →Persons who have entered into a partnership are individually calledRead the answer and worked solution →Which is an essential feature of partnership?Read the answer and worked solution →A and B contribute ₹3,00,000 and ₹2,00,000. No deed exists. Profit ₹1,00,000 is shared asRead the answer and worked solution →Interest on capital is calculated on theRead the answer and worked solution →Net profit ₹90,000; A's salary ₹12,000; interest on capitals ₹18,000 total. Profit available for distribution isRead the answer and worked solution →If a partner's capital account shows a debit balance, it usually means the partner hasRead the answer and worked solution →The document containing the terms of partnership is theRead the answer and worked solution →P and Q share 1:1. P is guaranteed ₹25,000 minimum by Q. Profit ₹40,000. After guarantee, Q getsRead the answer and worked solution →Rent paid to a partner for using their premises isRead the answer and worked solution →'Guarantee of profit to a partner' means the partner getsRead the answer and worked solution →Opening capital ₹1,00,000; additional ₹50,000 introduced after 6 months; interest at 10% p.a. Total interest on capital isRead the answer and worked solution →Collectively, partners carrying on a business are called aRead the answer and worked solution →The true test of the existence of a partnership is:Read the answer and worked solution →Under Section 5, the relation of partnership arises from:Read the answer and worked solution →Regarding profits and losses in a partnership:Read the answer and worked solution →The maximum number of partners permitted in a partnership firm (under the Companies (Miscellaneous) Rules, 2014) is:Read the answer and worked solution →Where a partnership entered into for a fixed term is continued after the expiry of that term, it becomes a:Read the answer and worked solution →A 'partner in profits only':Read the answer and worked solution →An incoming partner admitted into an existing firm is:Read the answer and worked solution →An outgoing (retiring) partner remains liable to third parties for the firm's acts:Read the answer and worked solution →A 'sub-partner' (a person with whom a partner shares his own share of profits):Read the answer and worked solution →
Worked practice questions
Capital ₹2,00,000; interest on capital at 10% p.a. for the full year is
- ₹20,000
- ₹10,000
- ₹2,000
- ₹18,000
Show answer and solution
Correct answer: A. ₹20,000
Interest on capital = 2,00,000 × 10% = ₹20,000.
Under the fixed capital method, the partners maintain
- only a capital account
- a capital account and a current account
- a single fluctuating account
- only a current account
Show answer and solution
Correct answer: B. a capital account and a current account
Fixed capital method keeps the Capital Account unchanged and routes all adjustments through a separate Current Account.
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