Plz answer all

Plz answer all FIRM_s — FUNOAMEr.n — Tumove, *40.000 and Q : above factors, you are required capital Accounts of the e 038.000. Balance of capital P AppropriationNc - Rent ,sygoo X of UJ6.OOO ø'scommission wul credited to Rent Payable Account. in sharing profits and in the ratioof3 : 2 and respectively. As per the partnership deed, are to bc interest on p.a. The net profit for the year ended March. 2016 before providing capital amounted to Show "e distnhution ofpmfit. to XOO,OOO t 15,000.1 Q. IS. Archna are partners in a firm sharing profits and losses in the I. nrircapitalaccouats ason 1st April, 2013 stand at (70,000 and Z 30,000 partners are allowed interest on capital @ 10% p.a. The drawings of tbc year ended 31st March, 2014 amounted to and O ,600 r.cth•rly_ is charged on drawings at the rate Of I OYO p.a. hu givena loan to firm as On 1st November, 2013 Of 00.000. the firm for the year ended 31st March, 2014 before above 10%ofthis profit is to be kept in a Reserve Account- 1st April, 2013 were Pooja es,ooo (CT.); Archna Appropriation Account and Partner's Current Accounts. (An. : Accounts Balances : Pooja : uS,240 on capital Accounts on the debit side of P & L as the date of drawings are of A

Dear Student


Q.17
 
Calculation
Profit before Interest on Capital              45,000
Less : Interest on Capital    
X 10,00,000 x 8%            80,000
Y 5,00,000 x 8%            40,000
Total Interest on Capital            120,000
Since Total interest on Capital is more than profit available i.e Inadequate Profit, Interest shall be allowed only to the actual profit in the ratio of the calculated interest on capital to each partner.
     
Proportionate Interest on Capital to be credited to each partner    
X 45,000 x 80,000 / 1,20,000            30,000
Y 45,000 x 40,000 / 1,20,000            15,000


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