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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.
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.
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.
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
(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.
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.
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.
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