Select Board & Class
why is goodwill considered as an intangible asset but not a fictitious asset?
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?
who is a minor partner???
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 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??????
help me in question no.48 of D.K goel pg no.1.91
absence of partnership deed, specify the rules relating to the
Sharing of profits and losses.
Interest on partner’s capital.
Interest on Partner’s drawings.
Interest on Partner’s loan
Salary to a partner.
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.
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
A.B &C were partners in a firm.their capitals were A=30,000,B=20000 AND C=10000 respectively.according to the partnership deed they were entitled to an interest on capital @5%p.a. in addition t B was entitled to draw a salary of Rs.500 per month.c was entitled to a commision of 5% on the profits after charging the interest on capital,but before charging the salary payable to B .The net profits for the year were Rs.30,000 distributed in the ratio of their capitals without providing for anyof the above adjustments.The profits were to be shared in the ratio 2:1:2.pass the necessary adjustment entry showing the workings clearly
What is deferred revenue expenditure ?
what is difference between drawings and withdrawn capital?
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?
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.
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.
where we post provident fund in revaluation acoount?
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
Interest on Capital, at the rate of 10% p.a.,
was not charged.
Interest on Drawings: Mohan Rs 250, Vijay Rs
200, Anil Rs 150 was not recorded in the books.
necessary corrections through journal entries.
ram and shyam were partners in a firm. criditng profit of year 200000in their capital accont the balance of their were ram 400000 and shyam 300000 during the year ram withdraw 80000 and shyam 100000. it was found that interest on capital and drawings @10%p.a as provided in the agreement had not been allowed and charged to partner's capital account. pass adjustment entry
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.
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.
CBSE has announced Date Sheet for Class-XII
what is the treatment for manager's commission while mking profit and loss appropriation account? we have to put it in profit and loss appropriation ac or profit and loss ac? please explain for both the cases- before charging such commission and after charging such commission.
What is meant by profit and loss appropriation ? Why is it created ? Why can't the items of profit and loss appropriation account just be included in the profit and loss account instead of opening this account
and Chauhan are partners in a firm sharing profits and losses in the
ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on
January 01, 2005. During the year they earned a profit of Rs 30,000.
According to the partnership deed both the partners are entitled to
Rs 1,000 per month as Salary and 5% interest on their capital. They
are also to be charged an interest of 5% on their drawings,
irrespective of the period, which is Rs 12,000 for Tripathi, Rs 8,000
for Chauhan. Prepare Partner’s Accounts when, capitals are
X,Y,Z are partners in a firm sharing profits in 2:2:1 ratio. the fixed capitals of the partners were : X- rs. 500000 ; Y- rs . 500000 ; Z- rs. 250000. The partnership deed provides that interest on capital should be allowed @ 10 % p.a. and that Z should be allowed a salary of rs. 2000 per month . the profits of the firm for the year ended 31st march 2011 after debiting Z's salary were Rs. 400000. Prepare the profit and loss appropriation account.
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