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Are there solutions for Accounts book T.S Grewal ?
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.
R and S were partners in a firm sharing profits in 3:2 ratio. their respective fixed capitals were rs. 10,00,000 and 15,00,000. the partnership deed provided the following:
1) interest on capital @10% p.a.
2) interest on drawing @12% p.a.
During the year ended 31-03-2007, R's drawings were rs. 1000 p.m. drawn at the end of every month and S's drawings were rs.2000 p.m. drwan in the beginning of every month. After the preparation of final accounts for the year ended 31-03-2007 it was discovered that interest on R's drawings was not taken into consideration.
Calculate interest on R's drawings and give necessary adjusting entry for the same.
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
y and z are partners with capital of rs 25000 and 15000 each partner is entitled to 9% intrest on capital z is entitled to a salary of rs 6000 p.a together with a commision of 6% of net profit remaining after deducting intrest on capitals and salary and after charging his commision the profit for the year before making any of the above adjstment amount to rs 30800 prepare partners capital acc
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?
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.
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??????
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
help me in question no.48 of D.K goel pg no.1.91
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.
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.
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?
who is a minor partner???
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
On 1st April 1996 X,Y and Z started a business in partnership. X contributes 90000 at first but then withdraws 30000 at the end of the 6 months Y introduces 75000 at first & increases it to 90000 at the end of four months but withdraws 30000 at the end of 9 monthZ brings in 75000 at first but increases it by 60000 by the end of 7 months.
During the year ending 31 march 2007 the net profit is 42000.show how the partners should divide the amount in the basis of capital employed by each partner.
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.
What is deferred revenue expenditure ?
Amitabh and Babul are partners sharing profits in the ratio of 3:2 with capitals of Rs.50,000 and Rs.30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs.2,500. During the year 2005-06,the profits prior to the calculation of interest on capital but after charging Babul's salary amounted to Rs.12,500. A provision of 5% of the profit is to be made in respect of commission to the manager.
prepare profit and loss appropriation account showing the distribution of profit and the partners capital accounts for the year ending march 31,2006.
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?
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?
Q. X and Y are partners in a firm sharing profit and losses in the ratio of 3 : 2 with capitals of 1000000 and 500000 respectively .as per the partnership deed, they are to be allowed interest on capital @ 8% p.a. the net profit for the yr ended 31 march 2008 before providing for interest on capital amounted to 45000 . show the distribution of profit.
i cann't understand the line the net profit for the year ended 31 march 2008 before providing for interest on capital amounted to 45000. how we calculate the distribution of profit through this.
where we post provident fund in revaluation acoount?
CALCUTE THE INTEREST ON DRAWINGS OF MR.ADITYA @8% P.A. FOR THE YEAR ENDED 31ST MARCH 2007,IN EACH OF THE
FOLLOWING ALTERNATIVE CASES:
CASE 1-IF WITHDREW RS 5,000 IN THE BEGINNING OF EACH QUARTER.
2-IF HE WITHDREW RS 6,000 AT THE END OF EACH QUATER.
3-IF HE WITHDREW RS 10,000 DURING THE MIDDLE OF EACH QUATER.
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.
the partners of a firm distributed the profits for the year ended 31st march 2003,rs140000 in the ratio of 2:2:1without providing for the following adujustments:-
1)A Bwere entitled to a salary of rs1500 per quater.
2)C was entitled to a commision of rs8000.
3)A C had guranteed a minimum profits rs 50000 p.a. to B
4)profits were to be shared in the ratio of 3:3:2
PASS NECESSARY JOURNAL ENTRY FOR THE ABOVE ADJUSTMENTS IN THE BOOKS OF THE FIRM.(CBSE 2004 ,DELHI)
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Syllabus
capital account fixed Atul =? 500000 and Mithun =?600000
loan account Atul =3 lacs credit and Mithun =2 lacs debit
it was agreed to a allow and charge interest 8% per annum
partnership deed provided to allow interest on capital @ 10% per annum interest on drawings was charged 5000 each
profit before giving effect to above was 228000 for the year ended 31st March 2020 prepare Profit and Loss appropriation account
Please solve this answer ??????
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
7. The Capital Accounts of X and Y stood at Rs 10,00,000 and Rs 7,50,000 respectively after necessary adjustments in respect of the drawings and the net profits for the year ended 31st March, 2016. It was subsequently ascertained that 5% p.a. interest on capital and drawings was not provided in arriving at the net profit. The drawings of the partners had been : X - Rs 30,000 drawn at the end of each quarter and Y - Rs 45,000 at the end of each half year. The profit for the year as adjusted amounted to Rs 5,00,000 The partners share profits in the ratio of 3 : 2.
Pass Journal entries to rectify the above error.
(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.
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
(a) C was entitled for a salary of Rs 10,000 p.m.
(b) Partners were entitled to interest on capital at 5% p.a.
(c) Profits were to be shared in the ratio of capitals.
The net profit for the year ended 31.3.2016 of Rs 3,30,000 was divided equally without providing for the above terms.
Pass an adjustment entry to rectify the above error.
Are there solutions for Accounts book T.S Grewal ?
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.
R and S were partners in a firm sharing profits in 3:2 ratio. their respective fixed capitals were rs. 10,00,000 and 15,00,000. the partnership deed provided the following:
1) interest on capital @10% p.a.
2) interest on drawing @12% p.a.
During the year ended 31-03-2007, R's drawings were rs. 1000 p.m. drawn at the end of every month and S's drawings were rs.2000 p.m. drwan in the beginning of every month. After the preparation of final accounts for the year ended 31-03-2007 it was discovered that interest on R's drawings was not taken into consideration.
Calculate interest on R's drawings and give necessary adjusting entry for the same.
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?
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.
why is goodwill considered as an intangible asset but not a fictitious asset?
Prepare Profit and Loss Appropriation Account.
what is the difference between profit and loss and profit and loss appropriation
y and z are partners with capital of rs 25000 and 15000 each partner is entitled to 9% intrest on capital z is entitled to a salary of rs 6000 p.a together with a commision of 6% of net profit remaining after deducting intrest on capitals and salary and after charging his commision the profit for the year before making any of the above adjstment amount to rs 30800 prepare partners capital acc
what do you understand by reconstitution of a partnership firm?
Their current account balances were Rs. 10,000 , B Rs. 5,000 and C Rs, 2,000 (Dr.) According to the
partnership deed the partners were entitled to interest on capital @ 5% p.a. C being the working
partner is also entitled to a salary of Rs. 6,000 p.a. The profits were to be divided as follows :
The first Rs. 20,000 in proportion Of their capitals. Next Rs. 30,000 in the ratio of Remaining
profits to be shared equally.
The firm made a profit of Rs. 1,56,000 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.
21. Ram and Laxman are partners in a firm sharing profits and Losses in the ratio of 3:2. The balance in
their capital accounts as on April, 2016. were: Ram Rs. 30,000 and Laxman Rs. 20,000. The partnership deed provides that Ram is to be paid salary @Rs. 500 p.m. and Laxman is to get commission @2% on total sales. Interest on capital and drawings is to be charged @6% p.a. The drawings Of Ram and Laxman for the year were Rs. 3,000 and Rs. 1,000 respectively. The profit earned by the firm before making above adjustments was Rs. 24,880. Total sales of the firm were Rs. 2,00,000
Prepare necessary accounts when capital accounts are fixed.
give the difference b/w fixed and fluctuating capital accounts.
(I) Interest on capital and drawings @6% p.a.
(II) B is to get a monthly salary of ?2,500.
(III) Sharing of profit or loss will be in the ratio of their capital formation.
The profit for the year ended 31st March, 2016, before making above appropriations was ?2,07,400. The drawings of A and B were ?48,000 and ?40,000 respectively. Interest on drawings amounted to ?1,500 for A and ?1,100 for B.
Prepare P&L appropriation a/c and partner's capital a/c assuming that their capitals are fluctuating.
difference between charge against profit and charge on profits?????
You are required to compile the Income and Expenditure Account for the year ended 31 Dec, 2016 after taking into account the following information.
(1) On I st January, 2016, the club premises stood at Rs. 1,00,000 Investments at Rs. 24,000, furniture at Rs. 12,000 and Stock of stationery Rs. 360.
(2) The club had 720 members each paying an annual subscription of Rs. 100. Subscription amounting to Rs. 200 were still in arrears for the year 2015.
(3) Salaries for December 2016 amounting to Rs. 1,600 are outstanding,
(4) Entrance fee and surplus from Drama are to be kept in reserve for a swimming pool
(5) Write off 50% of printing and stationery.
How to prepare revaluation account?
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.
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??????
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
help me in question no.48 of D.K goel pg no.1.91
1. Profits: in 2013, Rs 40,000; in 2014, Rs 50,000; in 2015, Rs 60,000;
2. Non-recurring income of Rs 1,000 is included in the profits of 2014;
3. Profits of 2013 have been reduced by Rs 6,000 because goods were destroyed by fire;
4. Goods haven't been insured but it is thought to insure them in future. The insurance premium is estimated at Rs 400 per year;
5. Reasonable remuneration of the proprietor of business is Rs 6,000 per year, but is hasn't been taken into account for calculation of above mentioned profits;
6. Profits of 2015 include Rs 5,000 income on investment.
Goodwill is agreed to be valued at 2 year's purchase of weighted average profits of the past 3 years. The appropriate weights to be used are:
2013- 1
2014- 2
2015- 3
Calculate the value of goodwill.
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.
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.
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].
Pass necessary adjustment entry showing the working clearly.
Following information is Provided regarding the Partnership
(i) Shiv Hari each are allowed a Salary of Rs 5000 per Quarter .
(ii) Interest is to be allowed on Capitals @ 8+ P.A. and Charged on Drawings at 10+ P.A.
Drawings of Shiv Hari during the year were Rs 12,000 and Rs 10,000 respectively. Profit as 31st March ,2016 before the above mentioned adjustments was Rs 1,96,000. Prepare
(i) Necessary Journal Entries relating to appropriation of Profits.
(ii) Profit Loss Appropriation A+C , and
(iii) Partner’s Capital A+C.
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.
a) When capitals are fixed
b) When capitals are fluctuating
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?
I know that this is a illustration in the textbook, but the solution printed is wrong. So, i want the full correct answer. Pls.
a) Rent to partner b) Manager's Commission c) Interest on Partner's Capital d) Interest on Partner's Loan
Choose the correct option and why ( reason also ) No links
Pass necessary adjustment entry .
who is a minor partner???
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
7 ?? % of net profit to be transferred to General Reserve.
Partners are allowed interest on capital @ 5% p.a. and are to be charged interest on drawings @ 6 % p.a.
Z is entitled to a salary of? 7,000 p.a..
X is entitled to a remuneration of 10% of the net profit before making any appropriation.
Y is also entitled to a commission of 8 % of the net profit before charging interest on drawings but after making all appropriations including commission.
During the year X withdrew 1,000 at the beginning of every month , Y 1,000 in the middle of every month and Z? 1,000 at the end of every month.?
On 1st October, 2017, Z granted a loan of ? 6,00,000 to the firm.
The manager is entitled to a salary of 1,000 p.m. and a commission of 10% of net profit after charging his salary and commission.
The net profit of the firm for the year ended on March 31, 2018 before providing for any of the above adjustments was 1,62,000.
Prepare Profit and Loss Appropriation A/C for the year ended on March 31, 2018? and capital Accounts.
On 1st April 1996 X,Y and Z started a business in partnership. X contributes 90000 at first but then withdraws 30000 at the end of the 6 months Y introduces 75000 at first & increases it to 90000 at the end of four months but withdraws 30000 at the end of 9 monthZ brings in 75000 at first but increases it by 60000 by the end of 7 months.
During the year ending 31 march 2007 the net profit is 42000.show how the partners should divide the amount in the basis of capital employed by each partner.
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.
Case (a) If he withdrew 5,000 p.m. in the beginning of every month;
Case (b) If he withdrew $5,000 p.m. at the end of every month;
Case (c) If he withdrew 5,000 p.m. during the year;
Case (d) If he withdrew 360,000 during the year;
Case (e) If he withdrew as follows 1st June, 2016 31st August, 2016 31st Oct., 2016 1st Feb., 2017 20,000 10,000 18,000 12,000
Case (7) If he withdrew 315,000 in the beginning of each quarter;
Case (g) If he withdrew 15,000 at the end of each quarter;
Case (h) If he withdrew *15,000 during the middle of each quarter,
What is deferred revenue expenditure ?
1. interest on capital@ 12% p.a.
2. interest on drawings@18% p.a.
shiv withdrew rs.12000 on 30.6.2006 and shankar withdrew rs. 18000 on 30.9.2006. The profit of the firm for the year ended 31.3.2007 was rs. 97000, which was distributed among the partners without providing for the above adjustment.
pass necessary adjustment entry.
(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.?
Profit for the year , before charging interest on capital and annual salary of Bahadur @ Rs. 3,000 amounted to Rs. 40,000, 10% of divisible profit it to be transferred to Reserve .
You are asked to show Partner's Current Account and Capital Accounts recording the above transactions.
Amitabh and Babul are partners sharing profits in the ratio of 3:2 with capitals of Rs.50,000 and Rs.30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs.2,500. During the year 2005-06,the profits prior to the calculation of interest on capital but after charging Babul's salary amounted to Rs.12,500. A provision of 5% of the profit is to be made in respect of commission to the manager.
prepare profit and loss appropriation account showing the distribution of profit and the partners capital accounts for the year ending march 31,2006.
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?
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?
Q. X and Y are partners in a firm sharing profit and losses in the ratio of 3 : 2 with capitals of 1000000 and 500000 respectively .as per the partnership deed, they are to be allowed interest on capital @ 8% p.a. the net profit for the yr ended 31 march 2008 before providing for interest on capital amounted to 45000 . show the distribution of profit.
i cann't understand the line the net profit for the year ended 31 march 2008 before providing for interest on capital amounted to 45000. how we calculate the distribution of profit through this.
stock of medicine as on 1st april 2018 is 1,32,500 and as on 31st march 2019 1,70,400.
creditors for medicines as on 1st april 2018 was 2,72,800 and as on 31st march 2019 is 3,52,600.
medicines purchased during the year ended 31st march were rs. 16,94,000.
where we post provident fund in revaluation acoount?
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.
Give necessary journal entries at the beginning of the next year.
CALCUTE THE INTEREST ON DRAWINGS OF MR.ADITYA @8% P.A. FOR THE YEAR ENDED 31ST MARCH 2007,IN EACH OF THE
FOLLOWING ALTERNATIVE CASES:
CASE 1-IF WITHDREW RS 5,000 IN THE BEGINNING OF EACH QUARTER.
2-IF HE WITHDREW RS 6,000 AT THE END OF EACH QUATER.
3-IF HE WITHDREW RS 10,000 DURING THE MIDDLE OF EACH QUATER.
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.
1) interest on capital at 10% per annum 2) interest on drawings at 12% per annum
3) monthly salary 2x at rupees 2000 per month and Y @ rupees 3000 per quarter.
drawings of X during the year was rupees 40000 and Y Rupees 30000. the current account balance of X was rupees 5000(Cr) and Y rupees 2600(Dr). the profit earned by the firm for the year 31-3-2019 was rupees 240000. you are required to prepare Profit and Loss appropriation account, capital account and current account
please help me with class 12th accountancy project
March, then interest on drawing will be calculated for an average period for _________Months.
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.
the partners of a firm distributed the profits for the year ended 31st march 2003,rs140000 in the ratio of 2:2:1without providing for the following adujustments:-
1)A Bwere entitled to a salary of rs1500 per quater.
2)C was entitled to a commision of rs8000.
3)A C had guranteed a minimum profits rs 50000 p.a. to B
4)profits were to be shared in the ratio of 3:3:2
PASS NECESSARY JOURNAL ENTRY FOR THE ABOVE ADJUSTMENTS IN THE BOOKS OF THE FIRM.(CBSE 2004 ,DELHI)
PLZ HELP ME IM NT ABLE TO GET THE ANZ...
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?????