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??????
full form of LF in accounting
what is the salary if salary given is Rs 3000 per quarter ? per quarter means ?
help me in question no.48 of D.K goel pg no.1.91
lata and mamta are partners with capitals of Rs 300000 and Rs 200000 respectively sharing profits as lata 70% and mamta 30% during the year ended 31 march 2005 they earned a profit of Rs 226440 before allowing interest on partner's loan. the terms of partnership are as follows:
1. interest on capital is to be allowed @ 7% p.a
2. lata to get a salary of Rs 2500 per month.
3. interest on mamta's loan account of Rs 80000 for the whole yr.
4. interest on drawings of partner's at 8% per annum . drawings being lata Rs 36000 and mamta Rs 48000.
5. 1/10 of the distributable profit should be transferred to general reserve. prepare the profit and loss appropriation account.
rply me the solution to this ques. in detail.
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.
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??????
full form of LF in accounting
what is the salary if salary given is Rs 3000 per quarter ? per quarter means ?
help me in question no.48 of D.K goel pg no.1.91
fixed capitals on 1st April, 2018 were : A 3,00,000; B 4,50,000 and C 10,00,000.
Their partnership deed provided for the following :
(i) A provides his personal office to the firm for business use
of 1,50,000.
(ii) Interest on capital @ 8% p.a. and interest on drawings@ 10% p.a.
(iii) A was allowed salary @ 10,000 per month.
(iv) B was allowed a commission of 10% of net profit as shown by Profit & Loss
Account, after charging such commission.
(v) C was guaranteed a profit of 3,00,000 after making all the adjustments.
The net profit of the firm for the year ended 31st March, 2019 was 10,30,000
before making above adjustments.
You are informed that A has withdrawn 5,000 at the beginning of each month, B
has withdrawn 5,000 at the end of each month and C has withdrawn 24,000 at the
beginning of each quarter.
Prepare Profit and Loss Appropriation Account and Partner's Current Accounts.
Q11. Praveen, Sahil and Riya are partners having fixed capital of Rs. 2,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. They share profit in the ratio of 3:1: 1. The partnership deed provided for the following which were not recorded in the books.
i. Interest on Capital @5% p.a.
ii. Salary to Praveen Rs. 1,500 p.m. and to Riya Rs. 1,000 p.m.
iii. Transfer of profit to General Reserve Rs. 10,000. Net profit for year ended 31st March 2015 was Rs. 1,00,000.
Pass necessary rectifying entry for the above adjustment in the books of the firm. Also show your working clearly.
lata and mamta are partners with capitals of Rs 300000 and Rs 200000 respectively sharing profits as lata 70% and mamta 30% during the year ended 31 march 2005 they earned a profit of Rs 226440 before allowing interest on partner's loan. the terms of partnership are as follows:
1. interest on capital is to be allowed @ 7% p.a
2. lata to get a salary of Rs 2500 per month.
3. interest on mamta's loan account of Rs 80000 for the whole yr.
4. interest on drawings of partner's at 8% per annum . drawings being lata Rs 36000 and mamta Rs 48000.
5. 1/10 of the distributable profit should be transferred to general reserve. prepare the profit and loss appropriation account.
rply me the solution to this ques. in detail.
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].
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.