Select Board & Class
Are there solutions for Accounts book T.S Grewal ?
Profit and loss adjustment is another name for revaluation account. But in the study material of chap 1- interest on capital, PL adjustment account is made instead of PL appropriation. Why?
why is goodwill considered as an intangible asset but not a fictitious asset?
what is the difference between profit and loss and profit and loss appropriation
what do you understand by reconstitution of a partnership firm?
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
give the difference b/w fixed and fluctuating capital accounts.
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??????
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.
help me in question no.48 of D.K goel pg no.1.91
Ram and mohan are partners sharing profits and losses in the ratio 2:1. at the end of the year on 31st march,2011 they decided to take their manager sohan in to partnership with effect from 1st april,2008. as manager ,he was geeting an annual salary of rs24000 . he had also advanced rs30000 to the firm by way of a loan on which he was geeting interest @15% p.a.
during the three year firm profits after adjusting salary to sohan ,interest on loan and interest on capital of the partners were :::-
2009 profit 43900
2010 loss 20000
2011 profit 1,00,000
according to the new aggrement, sohan is to be given annual salary of rs16800 and 1/5 th share inthe profits of the firm . sohan's loan shall be treated as his capital from the begining and similar to other partners as his capital carry interest @10% p.a
RECORD THE JOURNAL ENTRY TO GIVE EFFECT TO THE ABOVE.
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?
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
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.
What is deferred revenue expenditure ?
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.
Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. Their fixed capitals were Suresh-Rs.9,00,000 and Ramesh-Rs.6,00,000. The partnership deed provided for the following:
(i) Interest on capital @ 5% p.a.
(ii) Rs.60,000 p.a. salary to Suresh and salary of Rs.2,000 per month to Ramesh.
The profit earned by the firm for the year ended 31.3.2007 was Rs.2,34,000. The profits were divided equally without providing for the above. Pass adjustment entry.
A, B and C were partners. Their capitals were Rs.30,000; Rs.20,000 and Rs.10,000 respectively. According to the partnership deed they were entitled to an interest on capital at 5% p.a. In addition B was also entitled to draw a salary of Rs.500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profit for the year was Rs.30,000, distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 2:2:1. Pass the necessary adjustment enrty showing the workings clearly.
P, Q, and R are partners in a firm sharing profits in the ratio of 1:2:2 . after division of the profits for the year ended 31st march 2012 their capitals were P : 150000, Q : 180000 nad R : 210000. during the year they withdrew 20000 each. the profit for the year was 60000. The partnership deed provided that the interest on capital will be allowed @10% p.a. While preparing capital accounts , interest on capital was not allowed. You are required to calculate the capital of P. Q, and R at 1st april 2009 and paas the adjustment entry for providing interest on capital. show your working clearly.
A , B , C were partners in a firm having capitals of rs. 50000, rs. 50000 and rs.100000. Thier current account balances were A : Rs.10000 , B : Rs.5000 and C : Rs.2000 (Dr.) . According to the partnership deed the partners were entitled to an interest on capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs.12000p.a. The profits were to be divided as :
(a). The first Rs.20000 in proportion to their capitals.
(b). Next Rs. 30000 in the ratio of 5:3:2
(c). Remaining profits to be shared equally.
The firm made a profit of Rs.172000 before charging any of the above items . Prepare the profit and loss appropriation account and pass the necessary journal entries for the appropriation of profits.
what is difference between drawings and withdrawn capital?
Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31, 2006 shows a net profit of Rs 1,50,000. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information:
(i) Partners capital on April 1, 2005;
Simmi, Rs 30,000; Sonu, Rs 60,000;
(ii) Current accounts balances on April 1, 2005;
Simmi, Rs 30,000 (cr.); Sonu, Rs 15,000 (cr.);
(iii) Partners drawings during the year amounted to
Simmi, Rs 20,000; Sonu, Rs 15,000;
(iv) Interest on capital was allowed @ 5% p.a.;
(v) Interest on drawing was to be charged @ 6% p.a. at an average of six months;
(vi) Partners’ salaries : Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners’ current accounts.
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?
where we post provident fund in revaluation acoount?
· Pappu and Munna are partners in a firm sharing profits in the ratio of 3:2. The partnership Deed provided that Pappu was to be paid salary of Rs. 2,500 per month and Munna was to get a commission of Rs. 10,000 per year. Interest on capital was to be allowed @5% p.a. and interest on drawing was to be charged @ 6% p.a. Interest on Pappu’s drawing was Rs. 1,250 and on Munna’s drawing was Rs. 425. Capitals of the partners were Rs. 2,00,000 and Rs. 1,50,000 respectively, and were fixed. The firm earned a profit of Rs. 90,575 for the year ended 31st March, 2012.
Prepare the Profit and Loss Appropriation Account of the firm.
Mohan, Vijay and Anil are partners, the balance on their capital accounts being Rs 30,000, Rs 25,000 and Rs 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2007 amounting to Rupees 24,000 had been credited to partners in the proportion in which they shared profits. During the tear their drawings for Mohan, Vijay and Anil were Rs 5,000, Rs 4,000 and Rs 3,000, respectively. Subsequently, the following omissions were noticed:
(a)
Interest on Capital, at the rate of 10% p.a., was not charged.
(b)
Interest on Drawings: Mohan Rs 250, Vijay Rs 200, Anil Rs 150 was not recorded in the books.
Record necessary corrections through journal entries.
please help me with class 12th accountancy project
X and Y contribute Rs.20000 and Rs.10000 . They decide to allow interest on capital @ 6% p.a. Their respective share of profits is 2:3 and the business profit ( before interest ) for the year is Rs.1500. Show the distribution of profit (i). where there is no agreement except for interest on capitals. (ii) . where there is a clear agreement that the interest on capitals will be allowed even if it involves thr firm in loss.
E.g: 9876543210, 01112345678
We will give you a call shortly, Thank You
Office hours: 9:00 am to 9:00 pm IST (7 days a week)
Syllabus
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
(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.
The capitals of the partners on 1st April, 2015 were :
Mita Rs. 80,000, Rita Rs. 50,000 and Sandra Rs. 30,000.
The net profit for the year ended 31st March, 2016, before allowing or charging any interest amounted to Rs. 40,000.
Mita had withdrawn Rs. 4,000 on 1st April, 2015, while Sandra withdrew Rs. 5,000 during the year.
You are required to prepare the Profit and Loss Appropriation Account for the year2015-16.
s withdrawal 40000 from firm on 15 sep. 2013
t took garments from firm cost 48000 on the other hand r withdrawal 400000 from her capital on 1 jan. 2014
partnership deed provide interest on drawing @6% p.a. after making final acc it was discovered that interest on drawing had not charged . pass journal entries and show working notes clearly
please solve it as fast as possible
Pass necessary adjustment entry showing the working clearly.
Are there solutions for Accounts book T.S Grewal ?
balances on March, 31, 2012 are 80000, 60000 and 40,000 respectively
Their personal assets are worth as follows : X 20,000, Y-15,000 and
Z-10,000. The extent of their liability in the firm would be:
(A) X 80,000 Y-60,000 and Z-40,000
(B) X 20,000: Y-15,000: and Z-10,000
(C) X-1,00,000: Y-75,000 and Z-50,000
(D) Equal
(CS. Foundation, June 2013)
3,00,000 respectively. Their partnership deed provides that :
(a) A is to be allowed a monthly salary of 600 and B is to be allowed a
monthly salary of 400.
(b) C will be allowed a commission of 5% of the net profit after
allowing salaries of A and B.
(c) Interest is to be allowed on capitals @ 6%.
(d) Interest will be charged on partners annual drawings at 4%.
(e) The annual drawings were :B 10,000 and C 15,000.
The net profit for the year ending 31st march, 2014 amounted to
1,72,000.
Prepare P&L Appropriation account.
[Ans: Share of profit 39,000 to each partner.]
Profit and loss adjustment is another name for revaluation account. But in the study material of chap 1- interest on capital, PL adjustment account is made instead of PL appropriation. Why?
(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.?
why is goodwill considered as an intangible asset but not a fictitious asset?
what is the difference between profit and loss and profit and loss appropriation
profit of Rs. 2,00,000. During the year, the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit/Loss transferred to capital accounts of A & C.
Can someone please explain me how to do this sum?????
what do you understand by reconstitution of a partnership firm?
Q. On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profit and drawings, etc, were Rs.80,000, Rs.60,000 and Rs.40,000 respectively . Subsequently, it was discovered that the interest on capital and drawings has been omitted.
(a) The profit the year ended 31st March, 2014 was Rs.80,000.
(b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
give the difference b/w fixed and fluctuating capital accounts.
difference between charge against profit and charge on profits?????
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].
I know that this is a illustration in the textbook, but the solution printed is wrong. So, i want the full correct answer. Pls.
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??????
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.
help me in question no.48 of D.K goel pg no.1.91
Ram and mohan are partners sharing profits and losses in the ratio 2:1. at the end of the year on 31st march,2011 they decided to take their manager sohan in to partnership with effect from 1st april,2008. as manager ,he was geeting an annual salary of rs24000 . he had also advanced rs30000 to the firm by way of a loan on which he was geeting interest @15% p.a.
during the three year firm profits after adjusting salary to sohan ,interest on loan and interest on capital of the partners were :::-
2009 profit 43900
2010 loss 20000
2011 profit 1,00,000
according to the new aggrement, sohan is to be given annual salary of rs16800 and 1/5 th share inthe profits of the firm . sohan's loan shall be treated as his capital from the begining and similar to other partners as his capital carry interest @10% p.a
RECORD THE JOURNAL ENTRY TO GIVE EFFECT TO THE ABOVE.
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.
(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.
Prepare Profit and Loss Appropriation Account.
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?
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
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.
What is deferred revenue expenditure ?
making adjustments for profits and drawings were Rs 3,20.000, Rs 2,40.000 and Rs 1,60.000
respectively. Subsequently it was discovered that interest on capital and drawings had been omitted.
(i) The profit of the year ended 31st March, 2014 was Rs 90,000.
(ii) During the year, Esha and Manav each withdrew a sum of Rs 48,000 in equal instalments in the
middle of every month and Daman withdrew Rs 60,000
(iii) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10%
(it') The profit-sharing ratio among the partners was 3:2:1
Showing your workings clearly, pass the necessary rectifying entry.
Partners withdrew as follows:
(i) P withdrew Rs. 10,000 p.m. at the end of each month;
(ii) Q withdrew Rs. 1,20,000 out of capital on 1st January 2016
(iii) R withdrew Rs. 1,20,000 during the year.
The profit for the year ended 31st March 2016 amounted to Rs.4,30,000
You are required to prepare journal entries and partner's capital accounts.
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.
Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3:2. Their fixed capitals were Suresh-Rs.9,00,000 and Ramesh-Rs.6,00,000. The partnership deed provided for the following:
(i) Interest on capital @ 5% p.a.
(ii) Rs.60,000 p.a. salary to Suresh and salary of Rs.2,000 per month to Ramesh.
The profit earned by the firm for the year ended 31.3.2007 was Rs.2,34,000. The profits were divided equally without providing for the above. Pass adjustment entry.
A, B and C were partners. Their capitals were Rs.30,000; Rs.20,000 and Rs.10,000 respectively. According to the partnership deed they were entitled to an interest on capital at 5% p.a. In addition B was also entitled to draw a salary of Rs.500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profit for the year was Rs.30,000, distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 2:2:1. Pass the necessary adjustment enrty showing the workings clearly.
P, Q, and R are partners in a firm sharing profits in the ratio of 1:2:2 . after division of the profits for the year ended 31st march 2012 their capitals were P : 150000, Q : 180000 nad R : 210000. during the year they withdrew 20000 each. the profit for the year was 60000. The partnership deed provided that the interest on capital will be allowed @10% p.a. While preparing capital accounts , interest on capital was not allowed. You are required to calculate the capital of P. Q, and R at 1st april 2009 and paas the adjustment entry for providing interest on capital. show your working clearly.
A , B , C were partners in a firm having capitals of rs. 50000, rs. 50000 and rs.100000. Thier current account balances were A : Rs.10000 , B : Rs.5000 and C : Rs.2000 (Dr.) . According to the partnership deed the partners were entitled to an interest on capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs.12000p.a. The profits were to be divided as :
(a). The first Rs.20000 in proportion to their capitals.
(b). Next Rs. 30000 in the ratio of 5:3:2
(c). Remaining profits to be shared equally.
The firm made a profit of Rs.172000 before charging any of the above items . Prepare the profit and loss appropriation account and pass the necessary journal entries for the appropriation of profits.
The Profit and Loss account for the year ended 31.3.2017 disclosed a profit of Rs. 7,70,000 but the partners could not agree upon the rate of interest on loans and the profit sharing ratio. Prepare partner's Capital A/cs and Loan A/cs.
what is difference between drawings and withdrawn capital?
Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31, 2006 shows a net profit of Rs 1,50,000. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information:
(i) Partners capital on April 1, 2005;
Simmi, Rs 30,000; Sonu, Rs 60,000;
(ii) Current accounts balances on April 1, 2005;
Simmi, Rs 30,000 (cr.); Sonu, Rs 15,000 (cr.);
(iii) Partners drawings during the year amounted to
Simmi, Rs 20,000; Sonu, Rs 15,000;
(iv) Interest on capital was allowed @ 5% p.a.;
(v) Interest on drawing was to be charged @ 6% p.a. at an average of six months;
(vi) Partners’ salaries : Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners’ current accounts.
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?
plz experts reply to my queries fast !
where we post provident fund in revaluation acoount?
· Pappu and Munna are partners in a firm sharing profits in the ratio of 3:2. The partnership Deed provided that Pappu was to be paid salary of Rs. 2,500 per month and Munna was to get a commission of Rs. 10,000 per year. Interest on capital was to be allowed @5% p.a. and interest on drawing was to be charged @ 6% p.a. Interest on Pappu’s drawing was Rs. 1,250 and on Munna’s drawing was Rs. 425. Capitals of the partners were Rs. 2,00,000 and Rs. 1,50,000 respectively, and were fixed. The firm earned a profit of Rs. 90,575 for the year ended 31st March, 2012.
Prepare the Profit and Loss Appropriation Account of the firm.
Q. 26. Current Account's Balances as on 1st April, 2013 were as :- Amit : Rs. 5,000 (Cr), Namit : Rs. 2,000 (Cr.) and Ruchi : Rs. 1,000 (Dr.). Profit sharing ratio was 3:2:1 Amit gets a monthly Salary of Rs 1,500.
Amit Draws Rs. 2,000 on the first day of each month and Namit draws Rs. 2,000 on the last date of each month while Ruchi draws Rs 6,000 at the end of each quarter. Interest on drawings is to be charged @ 12% p.a. Profits for the year ended 31st March, 2014 before adjustments of interest on drawings and of salary were Rs. 74,040. Show Current Accounts.
Mohan, Vijay and Anil are partners, the balance on their capital accounts being Rs 30,000, Rs 25,000 and Rs 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2007 amounting to Rupees 24,000 had been credited to partners in the proportion in which they shared profits. During the tear their drawings for Mohan, Vijay and Anil were Rs 5,000, Rs 4,000 and Rs 3,000, respectively. Subsequently, the following omissions were noticed:
(a)
Interest on Capital, at the rate of 10% p.a., was not charged.
(b)
Interest on Drawings: Mohan Rs 250, Vijay Rs 200, Anil Rs 150 was not recorded in the books.
Record necessary corrections through journal entries.
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.
please help me with class 12th accountancy project
1.A & C were entitled to a salary of rs.5000 each p.a
2.B was entitled to a commission of rs 5000
3.A & C have guranteed a minimum profit of rs.60000 p.a. to B
4.profit were to be shared in the ratio of 2;2;1
X and Y contribute Rs.20000 and Rs.10000 . They decide to allow interest on capital @ 6% p.a. Their respective share of profits is 2:3 and the business profit ( before interest ) for the year is Rs.1500. Show the distribution of profit (i). where there is no agreement except for interest on capitals. (ii) . where there is a clear agreement that the interest on capitals will be allowed even if it involves thr firm in loss.
CALCULATE THE AMOUNT PAYABLE TO X,Y AND Z?
A) 2000 TO EACH PARTNER
B) LOSS OF 4400 FOR X AND Z AND Y WILL TAKE HOME 14800
C) 400 FOR X, 5200 FOR Y AND 400 FOR Z