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
Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6 : 4 : 1. Kamolika is guaranteed a minimum amount of ₹3,00,000 as her share in profits. The firm earned a net profit of ₹22,00,000 for the year ended 31st March 2022. Prepare Profit and Loss Appropriation Account of the firm for … Read more
W, X and Y were partners sharing profits and losses in the ratio of 2 :2:1. X was guaranteed a profit of ₹10,00,000. The firm earned a profit of ₹17,50,000 for the year ended 31st March, 2020. Prepare the Profit and Loss Appropriation Account of W, X and Y for the year ended 31st March, … Read more
A, B and C were partners in a firm. On 1st April, 2018 the balance in their capital accounts stood at ₹8,00,000, ₹6,00,000 and ₹4,00,000 respectively. As per the provisions of the partnership deed, partners were entitled to interest on capital @ 5% p.a., salary to B ₹3,000 per month and a commission of ₹12,000 … Read more
P, Q and R were partners with fixed capital of ₹40,000, ₹32,000 and ₹24,000. After distributing the profit of ₹48,000 for the year ended 31st March 2022 in their agreed ratio of 3 : 1 : 1, it was observed that: (1) Interest on capital was provided at 10% p.a. instead of 8% p.a. (2) … Read more
Ananya, Bhavi and Chandni were partners in a firm with capitals of ₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. According to the provisions of the partnership deed: (i) Ananya and Chandni were each entitled to a monthly salary of ₹1,500. (ii) Bhavi was entitled to a salary of ₹4,000 per annum. The profit for the year ended … Read more
Raman, Manan and Naman were partners sharing profit in the ratio of 2 : 1 : 1. Raman withdrew ₹3,000 every month and Manan withdrew ₹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 adjustment entry … Read more
P, Q and R were partners in a firm sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10% p.a. The drawings of P, Q and R during the year ending 31st March, 2020 amounted to ₹20,000, ₹30,000 and ₹50,000 respectively. After the final accounts … Read more
Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at ₹2,00,000, ₹1,20,000 and ₹1,60,000 respectively. Each partner withdrew ₹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 annum. (b) Interest on … 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 ₹1,50,000, ₹1,20,000 and ₹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 @ 10% p.a. Interest … Read more