A,B and C were partners in a firm having capitals of Rs 60,000 Rs 60,000 and Rs 80,000 respectively. There current account balance were A-10,000 , B-5000 and C-2000 (Dr.).According to the partnership deed the partners were entitled to an intt. on capital @ 5% p.a. C being the working partner was also entitled to a salary of Rs 6,000 p.a. The profits were to be divided as follows:
(i)The first Rs 20,000 in proportion to their capitals.
(ii)next Rs 30,000 in the ratio of 5:3:2.
(iii)remaining profits to be shared equally.
During the year the firm made a profit of Rs 1,56,000 before charging any of the above items. prepare the profit and loss appropriation on A/C.
A and B are in a partnership sharing profits and losses in the ratio of 3:2. on 1st april 2012,they admitted C into partnership.he paid 50000 as his capital but nothing for goodwill which was valued at 40000 for the firm.he acquired 1/5th share in the profits , equally from both partners.it was also decided that......
a) land and building be written off by 20000.
b) stock be written down by 3200.
c) a provision of 1000 be created for doubtful debts.
d) an amount of 1200 included in the sundry creditors be written back as it is no longer payable.
balance sheet is as follows...
land and building
plant and machinery
cash in bank
Prepare the revaluation a/c partners capital a/cs and the balance sheet and pass the journal entries of the new firm.
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.
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
Give the necessary adjusting journal entry with working notes.
pls give the solution that who the ammunt come
on 31st march 2005, after the closing of books of accounts, the capital accounts of A, B and C stood at rs.24000,rs.20000 and rs.12000 respectively. the profit for the year rs.36000 was distributed equally.subsequently, it was discovered that interest on capital @ 5% p.a had been omitted. the profit sharing ratio wa 2:2:1. pass an adjustment journal entry.
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