Commerce: Accounts MCQs

X and Y agree to form a partnership. X contributes Rupees 5000 in asset and devote one half time to partnership while Y contributes Rupees 20000 in cash and devotes full-time to the firm. How will the partner share the profit

In the absence of a partnership deed, the allowable rate of interest on the partner’s loan account will be

R and M entered into a joint venture to purchase and sell New Year gifts. They agreed to share the profit and losses equally. R purchased goods worth rupees 1,00,000. And spent rupees 10000 in sending the goods to M. He also paid rupees 5000 for insurance. M sent rupees 10000 as selling expenses and sold goods for 200000. The remaining goods were taken over by him at rupees 5000 find out profit on the venture

A and B purchased a piece of land for rupees 20000 and sold it for rupees 60000 originally A had contributed rupees 12000 and B rupees 8000 .what will be the profit on venture?

Cost concept envisages the recording of the following in the books of accounts