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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 ?
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?
A,B and c are partners sharing profits and losses in the ratio of 3:2:1. their capitals were Rs.80,000;Rs.60,000;and Rs. 40,000 respectively. according to the partnership agreement partners are entitled to receive the following:
i) interest on capital @12%
ii)salaries @Rs.300 per month to each partner
iii)interest on drawing is to be charged @12%,irrespective of the period. Partners drawings amount to Rs.8,000 for A,Rs.6,000 for B and Rs. 5000 for C.
The profit earned by the firm after charging partners salaries but before allowing interest on capital and charging interest on drawing amountsb to Rs. 44,000.prepare profit and loss appropriation account to disgtribute the profit among the partners.
give the difference b/w fixed and fluctuating capital accounts.
difference between charge against profit and charge on profits?????
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??????
How to prepare revaluation account?
after the accounts of a partnership have been drawn up nd books closed off, it is dicovered that for the year ended 31 march ,2010 nd 2011 ,interest has been credited to the partners upon their capitals at 5% per annum although ,no provision for interest is made in the partnership agreement.
the amount involved are:-
2010 A B C
4200 2400 1320
2011 4320 2520 1320
you are required to put through adjusting entry as on 1 april ,2011 if the profits were shared as follows in 2010 , 2 : 2 : 1 and in 2011 , 3 : 4 : 3 .
related to adjustment in closed accounts.
so, u pls rply me a solution to this question.
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.
help me in question no.48 of D.K goel pg no.1.91
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.
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.
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?
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.
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
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.
a and b commenced business with capitals of 60,000 and 20,000 respectively.on 31st december,1990 the Trading profit(before taking into account theprovision of deed)was 24000.Intreston capitals is tobe allowed at 6%p.a.B wasentitledto a salaryof 6000p.a.The drawings of the partners a and bwere 6000and 4000 respectively.The intrest on drawings for A being 200and B100.Assuming that a and b are equal partners,prepare the profit and loss appropriation a/c and partners a/c as at31st dec.
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.
what is difference between drawings and withdrawn capital?
where we post provident fund in revaluation acoount?
x,y and z contribute rs 300000,200000,100000by way of cap on which int is 12% pa they share profit and lsses in ratio 5:3:2 profit for the year 31 mar2003 is 60000before allowing int on cap prepare p and l app account if partnership deed is silent as to treatment to int as a charge or appropriation (ii) partnership deedprovides for int even if it involves the firm in loss.
X is a partner who used the stock of the firm worth Rs.10,000 and suffered a loss of Rs.2,000. He went to the firm to bear loss. How much X is liable to pay to 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.
Black and white are partners with capital of rs 30000 and rs 20000. profits for the year ended 31st march 2011 amounted to rs. 27100. it is agreed that 5 % interest on capital as such shall be allowed . there is no agreement regarding sharing of profits or partnership salary. black is a whole time partner whereas white does not attend business regularly . black claims rs. 600 salary per month and 60% of balance profits. white advanced rs.10000 as loan and he now claims 10% interest.
State how will you settle the accounts.
( interest on capital @ 5% = black - 1500, white= 1000
interst on loan @ 6 % = white - 600
Residue of profit equally = black - 12000, white - 12000 )
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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