Fundamentals of...

A, B and C are partners. They admit D and guarantee that his share of profit will not be less than Rs. 20,000. Profits to be shared 4:3:3:2 respectively. Total profits were Rs. 96,000. It was agreed that deficiency amount (if any) payable to D over his share will be borne by A, B and C in the ratio of 3:2:1.Calculate share of profit for each partner.

A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1 with a guarantee of minimum profits to C for Rs. 15,000. Total profits of the firm for the year ended on December 31, 2012 amounted Rs. 1,20,000. Any excess payable to C on account of such guarantee shall be borne by B. What amount of profit will be given to the partners?

Suppose cash withdrawn by Rohit from his partnership firm for personal use was Rs. 7000. The rate of interest is 12% p.a. Calculate interest on drawings on average basis.

Instead of altering old accounts, necessary adjustments can be made through:

Profit and Loss adjustment account is differ from Profit and Loss Appropriation account which is prepared to show the effect of

Following are the examples of the said errors and omissions except:

For calculation of capital in the beginning what should be added in the capital at the end of the year

On 31st March 2013 closing capital of A, B and C showed balance of Rs. 20,000, Rs.18,000 and Rs.12,000 respectively. The profit for the year ended was Rs.36,000 and partners drawings had been A Rs.3,600, B Rs.4,500 and C Rs.2,700. Calculate opening capital.