Question:
Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-
Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-
Updated On: Sep 19, 2024
- ₹50,000
- ₹10,000
- ₹6,000
- ₹16,000
Hide Solution
Verified By Collegedunia
The Correct Option is B
Solution and Explanation
The correct option is (B) :₹10,000.
Was this answer helpful?
0
0
Top Questions on Profit and Loss Account
- Ram and Shyam are partners sharing profits/losses equally. They admitted Radha into partnership for \(\frac{1}{3}^{rd}\) share. At the time of her admission, the book value of Machinery was 1,35,000. It was provided at the time of admission that the Machinery was undervalued by \(10\%\). Show its impact on Revaluation A/c?
- CUET (UG) - 2024
- Accountancy
- Profit and Loss Account
- Calculate goodwill on the basis of two years’ purchase of average profit of the last four years. Profit/Loss of the last four years is given below:
• 2020: 1,00,000
• 2021: 1,50,000
• 2022: 2,20,000
• 2023: (70,000)
Additional information: Closing Stock of the year 2022 was overvalued by 20,000.- CUET (UG) - 2024
- Accountancy
- Profit and Loss Account
- Calculate the amount of Profit after Tax if:
• Revenue from Operations: 4,00,000
• Cost of Revenue from Operations: \(20\%\) of Revenue from Operations
• Tax rate: \(50\%\)- CUET (UG) - 2024
- Accountancy
- Profit and Loss Account
- Calculate Cash Flow from Financing Activities from the following information:
• Buy back of own shares: 1,00,000
• Issue of bonus shares: 50,000
• Current Year Proposed Dividend: 40,000
• Previous Year Proposed Dividend: 10,000- CUET (UG) - 2024
- Accountancy
- Profit and Loss Account
- Reserves and Surplus includes:
(A) Statement of Profits and Loss (Credit Balance)
(B) Reserve Capital
(C) Securities Premium Reserve
(D) Capital Redemption Reserve
(E) Share Application Money Pending Allotment
Choose the correct answer from the options given below:- CUET (UG) - 2023
- Accountancy
- Profit and Loss Account
View More Questions
Questions Asked in CUET exam
- A molecule X associates in a given solvent as per the following equation:
X ⇌ (X)n
For a given concentration of X, the van’t Hoff factor was found to be 0.80 and the
fraction of associated molecules was 0.3. The correct value of ‘n’ is:- CUET (UG) - 2024
- Solutions
- Who devised the concept of Intelligence Quotient (IQ)?
- CUET (UG) - 2024
- Psychological attributes
- Two pipes A and B can fill a tank in 32 minutes and 48 minutes respectively. If both the pipes are opened simultaneously, after how much time B should be turned off so that the tank is full in 20 minutes?
- CUET (UG) - 2024
- Time and Work
- If \(A = \begin{bmatrix} 3 & 2 \\ -1 & 1 \end{bmatrix} \quad \text{and} \quad B = \begin{bmatrix} -1 & 0 \\ 2 & 5 \\ 3 & 4 \end{bmatrix},\)then \((BA)^T\) is equal to:
- CUET (UG) - 2024
- Matrices
- The spin-only magnetic moment of Hexacyanomanganate(II) ion is.........BM
- CUET (UG) - 2024
- Magnetic moment
View More Questions