Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their partnership deed provided the following : (i) A monthly salary of Rs. 15,000 each to Jay and Vijay. (ii) Karan was guaranteed a profit of Rs. 5,00,000 and Jay guaranteed that he will … Read more
Rajiv and Sanjeev were partners in a firm. Their partnership deed provided that the profits shall be divided as follows: First Rs. 20,000 to Rajeev and the balance in the ratio of 4:1. The profits for the year ended 31st March, 2017 were Rs. 60,000 which had been distributed among the partners. On 1-4-2016 their … Read more
Neena and Sara were partners in a firm with fixed capitals of Rs. 5,00,000 and Rs. 4,00,000 respectively. It was discovered that interest on capital @ 6% p.a. was credited to the partners for the two years ending 31st March, 2018 and 31st March, 2019 whereas there was no such provision in the partnership deed. … Read more
Ram, Mohan and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew Rs. 3,000 every month and Mohan withdrew Rs. 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary … Read more
On 31st March, 2019, the balance in the capital accounts of Asha, Nisha and Disha after making adjustments for profits and drawings were Rs. 1,50,000, Rs. 1,20,000 and Rs. 90,000 respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ … Read more
Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at Rs. 2,00,000, Rs. 1,20,000 and Rs. 1,60,000 respectively. Each partner withdrew Rs. 15,000 during the financial year 2019-20. As per the provisions of their partnership deed: (a) Interest on capital was to be allowed @ 5% per … Read more
Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following: (i) Interest … Read more
Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their Fixed Capitals Stood at Rs. 1,00,000, Rs. 50,000 and Rs. 50,000 respectively. As per the provisions of partnership deed, (i) Partners were entitled to an annual salary of Rs. 20,000 each. (ii) Interest on Capital @ 10% p.a. was to be provided. (iii) Profits were … Read more
Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4:3:3. Their fixed capitals on 1st April, 2018 were Rs. 9,00,000, Rs. 5,00,000 and Rs. 4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of Rs. 80,000 to the firm. As per the partnership agreement: (i) The partners were … Read more
The capital accounts of Alka and Archana showed credit balances of Rs. 4,00,000 and Rs. 3,00,000 respectively, after taking into account drawings and net profit of Rs. 2,00,000. The drawings of the partners during the year 2018 – 19 were: (i) Alka withdrew Rs. 10,000 at the end of each quarter. (ii) Archana’s drawings were: … Read more