Partnership-Fundamentals 37

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

Partnership-Fundamentals 36

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

Partnership-Fundamentals 27

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

Partnership-Fundamentals 19

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