Question

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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 31,00,000 and
375,000 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 33,000 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 months
5
later from the beginning of accounting year they decided to admit Usha into
partnership and offered her share in profits along with monthly
remuneration of 31,500. She was asked to introduce 1,20,000 for capital
and 60,000 for goodwill. Besides this Usha was required to provide
380,000 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:

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Answer 2

Manish taking more money from the Ramesh