Partnership-Fundamentals 71

Sharma and Verma were partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were ₹14,00,000 and ₹10,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @ 10% per annum. (ii) Interest on drawings @ 12% per annum. During the year ended 31.03.2023, Sharma withdrew … Read more

Partnership-Fundamentals 70

On 01.04.2022, Ravi, Kavi and Avi started a partnership firm with fixed capitals of ₹6,00,000, ₹6,00,000 and ₹3,00,000 respectively. The partnership deed provided for the following: Interest on capital @ 10% per annum. Interest on drawings @ 12% per annum. An annual salary of ₹1,20,000 to Avi. Profits and losses were to be shared in … Read more

Partnership-Fundamentals 85

Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹6,00,000; ₹8,00,000 and ₹11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹2,00,000 were distributed without providing for Interest on … Read more

Partnership-Fundamentals 84

Amay, Anmol and Rohan entered into partnership on 1st July, 2021 to share profits and losses in the ratio of 3:2:1. Amay guaranteed that Rohan’s share of profit after charging interest on capital @ 6% p.a would not be less than ₹36,000 p.a. Their fixed capital balances are: ₹2,00,000, ₹1,00,000 and ₹1,00,000 respectively. Profit for … Read more

Partnership-Fundamentals 82

Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2 :3: 1. According to the partnership agreement, Raghav was guaranteed an amount of ₹40,000 as his share of profits. The net profit for the year ended 31st March, 2022 amounted to ₹1,20,000. Prepare Profit and Loss Appropriation Account of … Read more

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