Multiple Choice Questions on Benu and Sunil are partners sharing profits in the ratio of 3 2 on April 1 2021 ma was admitted........... for Commerce 12th Preparation

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Multiple Choice Questions

Benu and Sunil are partners sharing profits in the ratio of 3 2 on April 1 2021 ma was admitted...........

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    Benu and Sunil are partners sharing profits in the ratio of 3:2. on  April 1, 2021. ma was admitted for 1/4th share who paid rs2,00,000 as  capital and rs 1,00,000 for premium in cash. At the time of admission,  Profit and Loss Account amounting to T60,000 appeared on the assets  side of the balance sheet.  For the distribution of accumulated losses, Benu and Sunil's Capital  accounts will be respectively.

    credited by rs24,000 and rs36,000

    Incorrect Answer

    debited by rs24,000 and rs36,000

    Incorrect Answer

    debited by rs36,000 and rs24,000

    Correct Answer

    debited by rs30,000 and rs30,000

    Incorrect Answer
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    Explanation:

    - The Profit and Loss Account showing Rs 60,000 as a loss on the asset side needs to be distributed among the partners.

    - Benu and Sunil share profits and losses in the ratio of 3:2.

    - Benu's share of the loss is \( \frac{3}{5} \times 60,000 = 36,000 \).

    - Sunil's share of the loss is \( \frac{2}{5} \times 60,000 = 24,000 \).

    - The accumulated loss will reduce their capital accounts.

    Option:3, debited by Rs36,000 and Rs24,000 is correct.

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