Fundamentals of...

A, B, and C were partners in a firm having no partnership agreement. A, B and C contributed ₹2,00,000, ₹3,00,000 and ₹1,00,000 respectively. A and B desire that the profits should be divided in the ratio of capital contribution. C does not agree to this. How will the dispute be settled? Who is correct?

When a partner withdraws Rs.4000 at the beginning of each quarter, the interest on his drawings @ 6% p.a. will be Rs.:

Credit balance of Current Account is shown in which side of Balance sheet:

If Rs. 3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for:

If partners are running a business without a partnership deed how much interest on their capitals will be given?

Money withdrawn by a partner on 1st July Rs. 20,000 and interest on drawings is fixed @ 6% (Books are closed on 31st March.) The amount of interest will be Rupees:

What will be the adjusting entry to provide for Interest on Partner’s loan?

From the following, what is important for a partnership?

A and B are partners sharing profit and losses in the ratio of 3:5. On 1st July, 2012 A and B advanced loan to the business of Rs. 40,000 and Rs.20,000 respectively at the agreed @ 5% p.a. Calculate Interest on loan. When accounting books are closed on 31st December every year and partnership deed allows interest on loan to the partners.