31 Jerry and Lewis are in a partnership sharing profits and losses equally. They admit Tom loifo the partnership and decide to share profits in the ratio 2:2:1 respectively. The partinershiph Net Profit for the year is $50,000. What is Tom's share of Profit? (a) $10,000 (b) $20,000 (c) $25,000 (d) $16,667 If Interest on Capital is charged at a rate of 5%, what is the total value of Capital for the two partners ? (a) $3,250 (c) $61,750 (b) $13,000 (d) $65,000 33 How should profit and losses be shared among partners when it is not stated In the partnership agreement ? (a) it should be shared among the partners according to their Capital A/c balances (b) it should be shared among the partners according to their Current A/c balances (c) it should be shared equally among the parthers (d) the partners should not receive any share of profit 34 A partner's drawings is entered on the : (a) debit side of his Capital A/c (c) debit side of his Current A/c (b) credit side of his Capital A/c (d) credit side of his Current A/c 35 Mary, Jane and Peter are in partnership sharing profits in the ratio 1:3:2 respectively. If Net Profit for the year was 512,000 what is Peter's Share of Profit ? (a) $2,000 (c) $4,000 (b) $3,000 (d) $6,000 Questions 3638 are based on the following information : - The partners share profits equally 36 What is the total Interest on Capital for the two partners ? (a) $1,500 (b) $2,100 (c) $3,600 (d) $1,460 37 What is Ram's Share of profit ? (a) $9,450 (b) $9,100 (c) $17,000 (d) $13,500 38 What is John's closing Capital balance? (a) $20,800Cr. (b) $21,200Cr. (c) $38,000Cr. (d) $21,000Cr. 39 Adam and Eve are in partnership sharing profits according to their Capital A/c balance. What is Eve's Share of protit? (a) $15,000 (c) $7,000 (b) $17,500 (d) $8,750 40 The closing balance on each partner's Current A/c is entered In the (a) Balance Sheot (c) Appropriation A/c (b) Capital A/C (d) Trading and Profit \& Loss A/C 41 Peter joined a partnership bringing in a Car valued at $15,000 and cash of $20,000. What are the journal entries to record his entry into the partnership? 42 Jim and Boe are in partnership sharing profits in the ratio 3:2 respectively. If Net Profit is $25000, what is Boe's Share of Profit? (a) $16,667 (c) $15,000 (b) $10,000 (d) $20,000 43 The maximum number of parthers that are allowed in a partnership are (a) 20 (b) 2 (c) 5 (d) 10