Experts PLZZ solve ques 54

Experts PLZZ solve ques 54 Chapter Accounting for Partnership Firms—Fundamentals 1.89 for the year ended March, 201 S showed a net profit 45,000 before charging interest and (b) partners' salaries. on 1st April, 2014, the balances in the Current Accounts of the were A 4,500; 6 (Cr.) 1,500 and C 1.000. Interest is not charged on Drawings or Account balances. Show Partners' Capital and Current Accounts as at 31st March, 2015 after division of profits in accordance with the partnership agreement. (Ans.: Share of Profit: 15000 9,000 Balances of Current 12,000: B 9,50u• C 7,000! 53. A, and Bahadur are partners in a firm sharing profits and losses as Ali and Bahadur 30%. Their respective capitals as at 1st April, 2016 stand as Ali 25.000 and Bahadur 20,000. The partners are interest on capitals@ p:a. Drawings of the partners during the year ended 31st March, 2017 amounted to 3,500 and 2.500 respectively: profit for the year, before charging interest on capital and annual salary of Bahadur @ 3,000 amounted to 40,on Of divisible profit is to be transferred to Reserve. You are asked to show Partners' Current Accounts and Capital Accounts recording the above transactions. [Ans.: Current Accounts: Ali— 79.642; Bahadur—t '0.883; Amount transferred to 54. Amal, Bimal and Kamal are three partners. On 1st April, 2016, their Capitals stood as: Amal 40,000, Bimal and Kamal 25,000. It was decided that: (E) they would receive interest on Capital @ p.a„ (b) Amal would get a salary of e 250 per month, (c) Bimalwould receive commission @ On net profit after deduction of commission from it interest on capital and salary, and (d) After deducting all of these of the profit should be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2017 was 33,360. prepare Profit and Loss Appropriation Account and the Capital Accounts of the Partners. (Ans.: Divisible Profit—t22, 163; Commission— 985' Generoj Closing Balance Of Capital A/cs: Amal— 52,388; Bimal— 39,873; Kamal* 33,637.1 55. Amit, Binita and Charu are three partners. On 1st April, 2016, their Capitals stood as: Amit Binita 2,00.000 and Charu It was decided that: (a) they would receive interest on Capital @ 5% p.a„ (b) Amit would get a salary of e 10,000 per month, (c) Binita would receive commission @ 5% of net profit after deduction of commission, and (d) of the net profit would be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2017 was Prepare profit and Loss Appropriation Account and the Capital Accounts of the Partners. [Ans.: Divisible Profit— 2, 76, 190; Commission 23,870; General Reserve— t 50,000; Share of Profit: Amit—e 92,063; Binita—t92.063, Charu—e 92064; Closing Balances o capital A,'cs.• Amit—t 3.17,063; 3.25873; Charu— Anita, and Cherry are three partners. On 1st April, 2016, their Capitals stood as: Anita I DO,OOO