Jay and Vijay were partners in a firm sharing profits and losses in the ratio of 7: 3. Their respective fixed capitals were ₹9,00,000 and ₹7,00,000. The partnership deed provided for interest on capital @ 8% per annum. After preparing the accounts for the year ended 31st March, 2024, it was discovered that interest on … Read more
Aman, Raj and Suresh were partners in a firm sharing profits and losses in the ratio of 5: 3: 8. Suresh was guaranteed a minimum profit of ₹5,00,000 per year. Any deficiency on this account was to be borne by Aman and Raj equally. The net profit of the firm for the year ended 31st … Read more
Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023 the balance in their fixed capital accounts were ₹25,00,000 and ₹15,00,000 respectively. The profit of the firm for the year ended 31st March, 2024 was ₹24,00,000. Calculate their share of profit … Read more
On 1st April, 2023, Jain and Gupta started a partnership firm with fixed capitals of ₹15,00,000 and ₹12,00,000 respectively. They decided to share profits and losses in the ratio of 3: 2. On 1st July, 2023, Jain withdrew ₹1,00,000 from this capital and Gupta introduced further capital of ₹2,00,000. Partnership deed provided for interest on … Read more
Suman and Lata were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2023, their capital accounts showed balances of ₹1,50,000 and ₹2,00,000, respectively. The partnership deed provided for interest on capital @ 8% p.a. Show the treatment of interest on capital in the following cases … Read more
Abhay and Sujoy entered into partnership on 1st April, 2024 with capitals of ₹80,00,000 and ₹60,00,000 respectively. The partners decided to share profits in the ratio of their capital contribution. They withdrew ₹6,00,000 and ₹4,00,000 respectively during the year. The partners were charged interest on drawings @ 10% per annum as per the provisions of … Read more
Parul and Rajul were partners in a firm, in the ratio of 5 : 3. The balance in their fixed capital accounts on 1st April, 2023 were: Parul ₹6,00,000 and Rajul ₹8,00,000. The partnership deed provided for allowing interest on capital at 12% per annum. The net profit of the firm for the year ended … Read more
Meera, Neena and Ojas were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Meera, Neena and Ojas during the year ended 31st March, 2023 amounted to ₹ 60,000, ₹ 50,000 and … Read more
Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of ₹80,00,000 and ₹60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, … Read more
Vidhi, Manas and Ansh wera partners sharing profits and losses in the ratio of 2:3: 5. Ansh was given a guarantee that his share of profits in any given year would not be less than ₹1,20,000. Deficiency, if any, would be borne by Vidhi and Manas equally. Profits for the year ended 31st March, 2024 … Read more