difference between charge against profit and charge on profits?????
How to prepare revaluation account?
Show the treatment of interest on loan in the profit and loss appropriation account and profit and loss account????
Would interset on capital and interest on loan would be having the same treatment in profit and loss appropriation account????
What will be the journal entry to it?????????and Explain it????with proper example??????
help me in question no.48 of D.K goel pg no.1.91
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
How to score 100/100 in accountancy? what are the common mistakes students commit that they get 99, 98 etc? Is the narration also evaluated?
who is a minor partner???
The capital accounts of A and B stood at Rs.400000 and Rs.300000 after necessary adjustments in respect of the drawings and the net profits for the year ended 31st march 2012. It was subsequently ascertained that 5 % p.a. interest on capital and drawings were not taken into account in arriving at the net profit. The drawings of the partners had been; A- Rs.12000 drawn at the end of each quarter and B- Rs.18000 drawn at the end of each half year. The profits for the year as adjusted amounted to Rs.200000. The partners share profits in the ratio 3:2.
You are required to paas the journal entries and show the adjusted capital accounts of the partners.
difference between charge against profit and charge on profits?????
How to prepare revaluation account?
Show the treatment of interest on loan in the profit and loss appropriation account and profit and loss account????
Would interset on capital and interest on loan would be having the same treatment in profit and loss appropriation account????
What will be the journal entry to it?????????and Explain it????with proper example??????
help me in question no.48 of D.K goel pg no.1.91
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Q180. Ajay, Binay & Chetan were partners sharing profits in the ratio 3:3:2. The Partnership Deed provided for the following:
(i) Salary of Rs. 2000 per quarter to Ajay & Binay.
(ii) Chetan was entitled to a commission of Rs. 8000.
(iii) Binay was guaranteed a profit of Rs. 50,000 p.a.
The profit of the firm for the year ended 31st March, 2015 was Rs. 1,50,000 which was distributed among Ajay, Binay & Chetan in the ratio 2:2:1, without taking into consideration the provisions of Partnership Deed. Pass Necessary rectifying entry for the above adjustments in the books of the firm. Show your workings clearly.
[Ans. Dr. Ajay's Capital A/c- Rs. 6400; Binay's Capital A/c. Rs. 2000; Cr. Chetan's Capital A/c. 8400].
Pass necessary adjustment entry showing the working clearly.
15. Reema and Seema are partner sharing profit equally. The partnership deep provides that both Reema and Seema will get monthly salary of Rs. 5,000 each. Interest on Capital will be allowed @ 5% P. A and interest on Drawings Will be Charged @ 10% p.a. Their capitals were Rs. 5,00,000 each and drawing during the year were Rs. 60.000 each.
The firm incurred a loss of Rs. 1,00.000 during the year ended 31st March, 2018.
Prepare Profit and loss Appropriation Account for the year ended 31st March. 2018.
How to score 100/100 in accountancy? what are the common mistakes students commit that they get 99, 98 etc? Is the narration also evaluated?
Prepare Profit and Loss Appropriation Account.
who is a minor partner???
The capital accounts of A and B stood at Rs.400000 and Rs.300000 after necessary adjustments in respect of the drawings and the net profits for the year ended 31st march 2012. It was subsequently ascertained that 5 % p.a. interest on capital and drawings were not taken into account in arriving at the net profit. The drawings of the partners had been; A- Rs.12000 drawn at the end of each quarter and B- Rs.18000 drawn at the end of each half year. The profits for the year as adjusted amounted to Rs.200000. The partners share profits in the ratio 3:2.
You are required to paas the journal entries and show the adjusted capital accounts of the partners.