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?
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.
who is a minor partner???
T.S.Grewal's double entry book keeping page no.3.22 q.no. 12 , page no. 3.23 q.no. 13,14, page no.3.24 q.no.15,16
When should we calculate interest on drawings for six months????When it is given in the question that calculate interest on drawings i) @ 6% what to do? ii) @ 6% p.a. what to do?
R and S were partners in a firm sharing profits in 3:2 ratio. their respective fixed capitals were rs. 10,00,000 and 15,00,000. the partnership deed provided the following:
1) interest on capital @10% p.a.
2) interest on drawing @12% p.a.
During the year ended 31-03-2007, R's drawings were rs. 1000 p.m. drawn at the end of every month and S's drawings were rs.2000 p.m. drwan in the beginning of every month. After the preparation of final accounts for the year ended 31-03-2007 it was discovered that interest on R's drawings was not taken into consideration.
Calculate interest on R's drawings and give necessary adjusting entry for the same.
Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2013.
Amount
Liabilities
Rs
Assets
Mannu’s Capital
30,000
Drawings :
Shristhi’s Capital
10,000
40,000
Mannu
4,000
Shristhi
2,000
6,000
Other Assets
34,000
Profit for the year ended March 31, 2013 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
What is deferred revenue expenditure ?
Pass necessary adjustment entry showing the working clearly.
(a) Interest on capitals @ 6% p.a,
(b) Interest on drawings @ 6% p.a.;
(c) Mudit was entitled to a commission of Rs. 4,000 for the whole year.
Showing your working clearly pass a rectifying entry in the books of the firm.
(i) A and C were entitled to a salary of Rs 1,500 p.a.
(ii) B was entitled to a salary of Rs4,500
(iii) B and C had guaranteed a minimum profit of Rs 35000 p.a. to A
(iv) Profits were to be shared in the ratio of 3:3:2
Pass necessary journal entry for the above adjustment in the books of the firm.
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.
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.
(1)
Q2. A group of 60 persons want to form a partnership business in India. Can they do so? Give reason in support of your answer.?
(1)
Q3. At what rate will partners be entitled for remuneration in absence of partnership deed??
(1)
Q4. List anyone difference between Profit & Loss Appropriation Account and Profit & Loss Adjustment Account.
(1)
Q5. Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31st March 2013 and 2014, Interest on capital has been allowed to partners @ 6% p. a. although there is no provision for interest on capital in the partnership deed. Their fixed capitals were 2,00,000; 1,60,000 and 1,20,000
respectively. During the last two years they had shared the profits as under:
Year Ratio
31 March 2013 3 : 2 : 1
31 March 2014 5 : 3 : 2
You are required to give necessary adjusting entry on April 1, 2014.?
(3)
Q6. Mohit and Rohan share profits and losses in the ratio of 2:1. They admit Rahul as partner with 1/4 share in profits with a guarantee that his share of profit shall be at least Rs. 50,000. The net loss of the firm for the year ending March 31, 2006 was Rs. 1,60,000. Pass an entry for distribution of profits and guarantee?
(3)
Q7. Amit, Babita and Sona form a partnership firm, sharing profits in the ratio of 3 : 2 : 1, subject to the following :
(i) Sona?s share in the profits, guaranteed to be not less than Rs. 15,000 in any year.
(ii) Babita gives guarantee to the effect that gross fee earned by her for the firm shall be equal to her average gross fee of the proceeding five years, when she was carrying on profession alone (which is Rs. 25,000). The net profit for the year ended March 31, 2007 is Rs. 75,000. The gross fee earned by Babita for the firm was Rs. 16,000.You are required to prepare P & L Appropriation A/c.?
(3)
Q8. Sasta , Khasta and Pasta are in partnership , sasta and khasta are sharing profits in ratio of 3:1 and pasta receiving an annual salary of 32000 plus 5% of the profits after charging his salary his commission , or ? share in profits whichever is more . Any excess latter over former recived by pasta is, under the partnership deed, to be borne by sasta and khasta in 3:2 . the profit for the year ended 31 march 2011 came to be Rs. 168000 after charging pasta?s salary . Show the distributions of profits among the partners.
(3)
Q9. The net profit of X, Y and Z for the year ended March 31, 2006 was Rs. 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under mentioned transactions were not recorded in the books :
(i) Interest on Capital @ 5% p.a.
(ii) Interest on drawings amounting to X Rs. 700, Y Rs. 500 and Z Rs. 300.
(iii) Partner?s Salary : X Rs. 1000, Y Rs. 1500 p.a.
The capital accounts of partners were fixed as : X Rs. 1,00,000, Y Rs. 80,000 and Z Rs.60,000. Record the adjustment entry.?
(4)
Q10. On March 31, 2003, after the close of books of accounts, the capital accounts of Ram, Shyam and Mohan showed balance of Rs. 24,000 Rs. 18,000 and Rs. 12,000, respectively. It was later discovered that interest on capital @ 5% and interest on drawings @ 10% had been omitted. The profit for the year ended March 31, 2003, amounted to Rs. 36,000 and the partner?s drawings had been Ram, Rs. 3,600; Shyam, Rs. 4,500 and Mohan, Rs. 2,700. The profit sharing ratio of Ram, Shyam and Mohan was 3:2:1. Calculate interest on capital and pass adjustment entry.?
(4)
?
Q11. A and B are partners sharing profits and losses in the ratio of3: 1. On 1st April, 2013, their capitals were:A-Rs.50,000 and B- Rs.3000. During the year ended 31st March, 2014, they earned net profit of Rs.74,000. The terms of partnership are:
(i) Interest on the capital is to be charged @ 6% p.a.
(ii) A will get commission @ 2% on turnover.
(iii) B will get a salary of Rs.500 per month.
(iv) B will get commission of 5% on profits after deduction of interest, salary and commission (including his own commission).
(v) A is entitled to a rent of Rs. 2,000 per month for the use of his premises by the firm. It is paid to him by cheque at the end of every month.
Partners' drawings for the year were: A- Rs. 8,000 and B- Rs. 6,000.
Turnover for the year was Rs. 3,00,000. After considering the above factors, you are required to prepare
Profit and Loss Appropriation Account and Capital Accounts of the Partners.?
who is a minor partner???
T.S.Grewal's double entry book keeping page no.3.22 q.no. 12 , page no. 3.23 q.no. 13,14, page no.3.24 q.no.15,16
a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.m.
b) Bhanu was entitled for a salary of ₹ 4,000 p.a.
Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly
When should we calculate interest on drawings for six months????
When it is given in the question that calculate interest on drawings i) @ 6% what to do?
ii) @ 6% p.a. what to do?
R and S were partners in a firm sharing profits in 3:2 ratio. their respective fixed capitals were rs. 10,00,000 and 15,00,000. the partnership deed provided the following:
1) interest on capital @10% p.a.
2) interest on drawing @12% p.a.
During the year ended 31-03-2007, R's drawings were rs. 1000 p.m. drawn at the end of every month and S's drawings were rs.2000 p.m. drwan in the beginning of every month. After the preparation of final accounts for the year ended 31-03-2007 it was discovered that interest on R's drawings was not taken into consideration.
Calculate interest on R's drawings and give necessary adjusting entry for the same.
Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2013.
Amount
Amount
Liabilities
Rs
Assets
Rs
Mannu’s Capital
30,000
Drawings :
Shristhi’s Capital
10,000
40,000
Mannu
4,000
Shristhi
2,000
6,000
Other Assets
34,000
40,000
40,000
Profit for the year ended March 31, 2013 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
What is deferred revenue expenditure ?