Partnership-Fundamentals 79

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

Partnership-Fundamentals 77

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

Partnership-Fundamentals 76

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

Partnership-Fundamentals 74

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

Partnership-Fundamentals 73

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

Partnership-Fundamentals 72

Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were ₹50,000 and ₹1,00,000 respectively. After the accounts for the financial year ending March 31, 2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to Cheese @ ₹5,000 per annum, as provided in the … Read more

Partnership-Fundamentals 69

Akhil and Nikhil were partners sharing profits and losses in the ratio of 3:2. Their fixed capitals were ₹1,00,000 and ₹80,000 respectively. Interest on capital was agreed @ 6% p.a. Nikhil was to be allowed an annual salary of ₹9,200. During the year 2021-22, the net profit prior to the calculation of interest on capital … Read more

Partnership-Fundamentals 68

A, B and C were partners in a firm sharing profits and losses equally. Their respective capitals were ₹10,00,000, ₹9,00,000 and ₹8,00,000. The partnership deed provided for the following: (1) Interest on capital @ 9% per annum. (2) Interest on drawings @ 12% per annum. (3) Interest on partner’s loan to the firm @ 10% … Read more

error: Content is protected !!