P and Q were partners in a firm sharing profits in 3:1 ratio. Their respective fixed capitals were10,00,000 and 6,00,000. The partnership deed provided interest on capital @ 12% p.a. Thepartnership deed further provided that interest on capital will be allowed fully even if it will resultinto a loss to the firm. The net profit of the firm for the year ended 31st March, 2018 was 1,50,000.Pass necessary Journal Entries in the books of the firm allowing interest on capital and divisionof profit/loss among the partners.

P and Q entered into a partnership investing Rs.16000 and Rs. 12000 respectively. After 3 months P withdraw Rs. 5000, while Q invested Rs. 5000 more. After 3 more months R joins the business with a capital of Rs. 21000. The share of Q exceeds that of R, out of the total profit of Rs. 26400 after one year byOptionsRs. 2000Rs. 1900Rs. 3600Rs. 6800

werIn a partnership business, Q’s capital was half of P’s if after 8 months,Q withdrew half of his capital and after 2 months more P withdrew 1/4th of his capital, then the profit ratio of P and Q after 1 year will beOptions7 : 27 : 59 : 2323 : 10

Noy and Mar enter into a partnership agreement in which Noy is to have 60% interest in capital and profits.  Noy contributes the following:Cost Fair ValueLand P  500,000 ?Building 5,000,000 60% of costEquipment 1,000,000 75% of costThere is a P1,000,000 mortgage on the building which the partners agree to assume.  Mar contributes cash of P2,500,000 and the partners agreed that this should be his capital credit.  Land should be recorded in the amount of?

Consider the following contents relating to the Partnership Deed.(A) It contains the names and addresses of the firm and its main business(B) It contains the Names and Addresses of the Directors of the firm(C) It contains the capital to be contributed by each partner.(D) It contains the profit and loss sharing ratio(E) It does not contain the rules regarding operation of Bank AccountChoose the correct answer from the options given below:(A), (C) and (D) only(A), (B), (C) and (D) only(A), (B) and (D) only(A), (C) and (E) only

P, Q and E start a joint venture, where in they make an annual profit. P invested one-third of thecapital for one-fourth of the time, Q invested one-fourth of the capital for one-half of the time and Rinvested the remainder of the capital for the entire year. P is a working partner and gets a salary of `10,000 per month. The profit after paying P’s salary is directly proportional to the sum each one hasput and also to the square of the number of months for which each has put their sum in the venture. Ifin a year P earns ` 60,000 more than Q, then how much does P earn?