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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.
Are there solutions for Accounts book T.S Grewal ?
Q.The capital accounts of Asif and Benny stood at Rs. 30,000 and Rs. 40,000 respectively after the necessary adjustments in respect of drawings and net profit for the year ended 31st March ,2016. It was subsequently ascertained that interest on capital @ 10% per annum and interest on drawings @ 5% per annum were not taken into account in arriving at the divisible profits for the year .
The drawings of the partners had been : Asif Rs. 1,200 drawn at the end half year and Benny Rs. 1,200 drawn at end of each quarter .
The net profit for the year amounted to Rs. 20,000 . The partners share profits and losses in the ratio of 3:2
You are required to :
(i) Pass the necessary journal entires to rectify the lapse in accounting .
(ii) Prepare the adjusted capital accounts of the partners.
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
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 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
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.
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?
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.
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
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.
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.
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
What is deferred revenue expenditure ?
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.
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.
13.X, Y and Z were partners in a firm. Their capitals on 1.4.2012 were : X Rs.2,00,000; Y Rs.2,50,000 and Z Rs.3,00,000. The partnership deed provided for the following:
(i) They will share profits in the ratio of 2:3:3.(ii) X will be allowed a salary of Rs.12,000 per annum.(iii) Interest on capital will be allowed @12% p.a.During the year X withdrew Rs.28,000; Y Rs.30,000 and Z Rs.18,000. For the year ended 31.3.2013 the firm earned a profit of Rs.5,00,000.Prepare Profit Loss Appropriation A/c and Partners Capital A/cs.
what is difference between drawings and withdrawn capital?
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.
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.
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.
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.
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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