Question

2. Case Study: Read the following hypothetical text and answer the given questions: Mahesh and Ramesh were partners in Hotel business sharing profit and losses in ratio 3:2. They sold food items across the counter and did home delivery too. Their initial fixed capital contribution was ₹1,00,000 and ₹75,000 respectively. At the end of first year their profit was ₹1,10,000 before allowing the remuneration of ₹2,000 per quarter to Mahesh and ₹3,000 per half year to Ramesh. Such a huge profit in the very first year and along with increase in the demand for home delivery, encouraged them to expand their business. They needed additional capital to meet the demand. Delivery van, few Scotties and an additional person was required to support. Six monthslater from the beginning of accounting year they decided to admit Usha into

partnership and offered her



th share in profits along with monthly

remuneration of ₹1,500. She was asked to introduce ₹1,20,000 for capital

and ₹60,000 for goodwill. Besides this Usha was required to provide

₹80,000 as loan for two years. Usha readily accepted the offer. The terms of

the offer were duly accepted and she was admitted as a partner.

Question 1:

Remuneration to Mahesh and Ramesh will be transferred to ____________

Account.

a. Capital

b. Loan

c. Current

d. None of the above.

Question 2:

Usha will be entitled to a remuneration of _______at the end of the year.

Question 3:

For the amount of loan that Usha has provided, is entitled to interest

thereon at the rate of ________.

Question 4:

Upon the admission of Usha the sacrifice for providing her share of profits

would be done:

a. By Mahesh only

b. By Ramesh only

c. By Mahesh and Ramesh equally

d. By Mahesh and Ramesh in the ratio 3:2.

Question 5:

There was no written agreement between the partners. Can Usha claim for

Interest on Capital provided by her to the firm.​

Answer 1

Answer:

1.Capital

1.Capital2.Rs80000

1.Capital2.Rs800003.option d

Explanation:

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Answer 2

$\huge \mathfrak \red{ Solution }$

Explain : -

1 - ( C ) current account

2 - 15000

3 - rate of 6%

4 - by hamesh & by ramesh 3:2

5 - no, usha can not claim for interest on capital..