Subject: Accountancy, asked on 23/5/18
Subject: Accountancy, asked on 18/5/18

## Q. (Calculation of interest on Capital when Closing Balances of Capital are given) A,B, C and D are partners sharing profits and losses in the ratio of 4 : 3 : 3 :2 and their respective capital on 31st March,2016 were Rs. 30,000 ; Rs. 45,000 ; Rs. 60,000 and Rs. 45,000 . After closing and finalising the accounts, it was found that interest on capital @6% p.a. was omitted. Instead of altering the signed accounts it was decided to pass a single adjustment entery on 1st April. 2016 crediting or debiting the respective Partner's Capital / Current Accounts.

Subject: Accountancy, asked on 10/5/18

## The profits of the firm for the year ending 31 March ,2018 before charging all of the above adjustments was ?593120. Distribute the profits among partners and prepare partners current account.

Subject: Accountancy, asked on 9/5/18

## When capital is fixed and we need to calculate opening capital ?why we don?t use share of profit to calculate the opening capital?

Subject: Accountancy, asked on 9/5/18

## When capital is fixed partners are allowed to take drawings or not ?

Subject: Accountancy, asked on 9/5/18

## Please solve all four .

Subject: Accountancy, asked on 9/5/18

## Active ,Blunt and Circle started a business on 1st April, 2017 with capitals of Re 4, 50,000 , Re 6,00,000 and Re 3,50,000 respectively. According to the partnership agreement. ?

Subject: Accountancy, asked on 9/5/18

## Solve this:

Subject: Accountancy, asked on 5/5/18

## Solve this: Illustration 24 (Interest on Capital when Profit is Inadequate). A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital on which they agree to pay interest @ 6% p.a. Their respective share of profit is 2: 3 and the profit (before interest) for the year is Rs. 30,000. Show the relevant account to allocate interest on capitals:         (i) if the Partnership Deed is silent about the treatment of interest on capital, and          (ii) if interest is a charge as per the Partnership Deed.

Subject: Accountancy, asked on 2/5/18

## How to calculate interest on loan Example: Anik and Manik started a partnership business on April 01, 2011. Their capital contribution were Rs 1,40,000 and Rs 1,05,000 respectively. Their partnership deed provides for the following. a. Interest on capital @ 10%. b. Salary to Anik Rs 1,400 per month and to Manik Rs 2,100 per month. c. Amount of loan advanced by Anik to the firm Rs 1,00,000 d. Rent paid to Manik amounts to Rs 12,590. e. Profit sharing ratio is 3 : 2. The profit for the year ended March 31, 2012 before considering above appropriations were Rs 1,51 ,200. Interest on drawings made by the partners amounted to Rs 1,340 for Anik and Rs 1,750 for Manik. Show the distribution of profits between the partners.

Subject: Accountancy, asked on 30/4/18

## Why closing stock is considered as an event?

Subject: Accountancy, asked on 29/4/18

## Why interest on capital is taken as charge against profit in this question??

Subject: Accountancy, asked on 29/4/18

## Q53

Subject: Accountancy, asked on 29/4/18

## Kumar and Raja were partners in a firm sharing profits in the ratio of 7 3. Their fixed capitals were Kumar Rs 9,00,000 and Raja Rs 4,00,000. The partnership deed provided for the following but the profit for the year was distributed without providing for (i) Interest on capital @ 9+ per annum. (ii) Kumar’s salary Rs 50,000 per year and Raja’s salary Rs 3,000 per month. The profit for the year ended 31.3.2007 was Rs 2,78,000. Pass the adjustment entry.

Subject: Accountancy, asked on 29/4/18

## Anand, Bhaskar and Dinkar are partners in a firm. On 1st April 2011 the balance in their capital accounts stood at Rs. 10,00,000, Rs 8,00,000 and Rs.6,00,000 respectively. They shared profits in the proportion of 5 4 3 respectively. Partners are entitled to interest on capital @ 10+ per annum and salary to Bhaskar @ Rs 4,000 per month and a commission of Rs.16,000 per quarter to Dinkar as per the provisions of the partnership deed. Anand’s share of profit (excluding interest on capital) is guaranteed at not less than Rs.1,90,000 p.a. Bhaskar’s share of profit (including interest on capital but excluding salary) is guaranteed at not less than Rs 2,45,000 p.a. Any deficiency arising on that account shall be met by Dinkar. The profits of the firm for the year ended 31st March 2012 amounted to Rs.8,32,000. Prepare Profit and Loss Appropriation Account’ for the year ended 31st March 2012

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