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
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
Mohan, Sohan, and Suresh were partners in a firm sharing profits in the ratio of 2:2:1. Suresh was guaranteed a profit of ₹70,000. Any deficiency on account of guarantee to Suresh was to be borne by Mohan and Sohan in 3:2 ratios. The profit of the firm for the year ended 31.3.2022 amounted to ₹2,00,000. … Read more
Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were ₹1,20,000 and ₹80,000 respectively. On 1st December, 2021, they decided that the total capital of the firm should be ₹3,00,000 to be contributed by them in the ratio of … Read more
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
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
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