No products in the cart.

Sharma and varma were partners in …

CBSE, JEE, NEET, CUET

CBSE, JEE, NEET, CUET

Question Bank, Mock Tests, Exam Papers

NCERT Solutions, Sample Papers, Notes, Videos

Sharma and varma were partners in a firm sharing profits in the ratio of 4:1. Their capitals on 1.04.2006 were sharma ₹500000 and verma ₹ 100000. The partnership deed provided that sharma will get a commission of 10% on the profit after allowing a salary ₹5000 to verma. The profit of the firm for the year ended 31st March 2007 was ₹280000.

Posted by Sarsij Mishra 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Anwushka Soni 1 month ago

On 1st April,2023 A and A commenced business with capitals of ₹600000 and ₹200000 respectively on 31st March 2024 the net profit (before taking into account the provision of deed) was ₹240000 interest on capital is to be allowed at 6% per annum b was entitled to a salary of ₹60000 per annum the drawings of the partners a and b were ₹60000 and ₹40000 respectively the interest on drawings for a being ₹2000 and b ₹1000 assuming that A and b are equal partners prepare the profit and loss appropriation account and partners capitals account as at 31st March 2024

ANSWER

http://mycbseguide.com/examin8/

Related Questions

and G were partners in a firm sharing profits in the ratio of 3 : 2 : 1. After division of the profits for the year ended 31-3-202

Posted by Om Narayan 1 week, 1 day ago

CBSE > Class 12 > Accountancy

1 answers

Xand y started business with capital of rupees 1,00,000 and rs 60,000 on 1st April 2018

Posted by Arpit Yadav 5 days, 2 hours ago

CBSE > Class 12 > Accountancy

0 answers

Aastha and gomti are partners

Posted by Archi Purvaiya 6 days, 1 hour ago

CBSE > Class 12 > Accountancy

1 answers

Assertion (A): Partners are principals but not the agents of other partners. Reason (R): As per the definition of partnership, business can be carried on by all or any of them acting for all. Thus, they are the principals and also the agents.

Posted by Divya Bhati 3 days, 15 hours ago

CBSE > Class 12 > Accountancy

1 answers

Ram, Shyam, Ghanshyam and Radheshyam are partners sharing profits and losses on the ratio of 4:3:3:2. Their respective fixed capitals on 31 March, 2022 were Rs. 1,20,000, 1,80,000,2,40,000 and Rs. 1,80,000 respectively. After preparing the final accounts for the year ended 31 March, 2022, it was discovered that interest on capital @ 12% per annum was not allowed and interest on drawings amounting to Rs.. 4,000, Rs. 5,000, Rs. 3,000 and Rs. 2,400 respectively was also not charged.Pass the necessary adjustment journal entry showing your working clearly

Posted by Jiya Singh 23 hours ago

CBSE > Class 12 > Accountancy

0 answers

F and G were partners in a firm sharing profits in the ratio of 3 : 2 : 1. After division of the profits for the year ended 31-3-2023 their capitals were: E ₹ 2,95,000; F ₹ 3,30,000; and G ₹ 3,35,000. During the year they withdrew ₹ 40,000 each. The profit of the year was ₹ 1,80,000. The partnership deed provided that interest on capital will be allowed @ 12% p.a. While preparing the final accounts, interest on partner’s capital was not allowed. You are required to calculate the capital of E, F and as on 1-4-2022 and pass the necessary adjustment entry for providing interest on capital. Show your workings clearly. [4] 16. P

Posted by Om Narayan 1 week, 1 day ago

CBSE > Class 12 > Accountancy

0 answers

Shri devchand and Shri premchand

Posted by Sonali Thakur 6 days, 17 hours ago

CBSE > Class 12 > Accountancy

0 answers

Kurup and Lal were partner. Their capital contribution 600000and ,400000. The terms of partnership agreement as follow 1.10% of profit should be transferred to general reserve. 2.Interst on capital 10% per annum interest on drawing 18% for per annum . 3. Kurup and Lal get monthly salary of 3000 and 4000. 4. Kurup was inTitle to commission of 24000 5. Share profit and losses in capital ratio. The profit of the year ended 31st March 2018 before making above appropriation 700000. The drawings of kurup and Lal were 70000 and 60000. The current account balance of Mr kurup and Mr Lal (3000)dr.and (1700)cr. Give necessary journal entry.prepare profit and loss appropriation account and capital account when capital are fixed.

Posted by Pooja Rani 21 hours ago

CBSE > Class 12 > Accountancy

0 answers

1. Dinesh and Mahesh are partners sharing profits and losses in the ratio of 3 : 2. They admit Ramesh into partnership for 1/4th share in profits. Ramesh brings in his share of goodwill in cash. Goodwill for this purpose shall be calculated at two years’ purchase of the weighted average normal profit of past three years. Weights being assigned to each year 2017–1; 2018–2 and 2019–3. Profits of the last three years were: 2017—Profit ` 50,000 (including profits on sale of assets ` 5,000). 2018—Loss ` 20,000 (including loss by fire ` 35,000). 2019—Profit ` 70,000 (including insurance claim received ` 18,000 and interest on investments and dividend received ` 8,000). Calculate the value of goodwill. Also, calculate the goodwill brought in by Ramesh. [Ans.: Goodwill—` 69,000; Ramesh shall bring 1/4th of ` 69,000, i.e., ` 17,250 as Goodwill.] 2. Manbir and Nimrat are partners and they admit Anahat into partnership. It was agreed to value goodwill at three years’ purchase on Weighted Average Profit Method taking profits of last five years. Weights assigned to each year as 1, 2, 3, 4 and 5 respectively to profits for the year ended 31st March, 2015 to 2019. The profits for these years were: ` 70,000, ` 1,40,000, ` 1,00,000, ` 1,60,000 and ` 1,65,000 respectively. Scrutiny of books of account revealed following information: (i) There was an abnormal loss of ` 20,000 in the year ended 31st March, 2015. (ii) There was an abnormal gain (profit) of ` 30,000 in the year ended 31st March, 2016. (iii) Closing Stock as on 31st March, 2018 was overvalued by ` 10,000. Calculate the value of goodwill. [Ans.: Value of Goodwill—` 4,17,000.] 3. Mahesh and Suresh are partners and they admit Naresh into partnership. They agreed to value goodwill at three years’ purchase on Weighted Average Profit Method taking profits for the last five years. They assigned weights from 1 to 5 beginning from the earliest year and onwards. The profits for the last five years were as follows: Year Ended 31st March, 2015 31st March, 2016 31st March, 2017 31st March, 2018 31st March, 2019 Profits (`) 1,25,000 1,40,000 1,20,000 55,000 2,57,000 Scrutiny of books of account revealed the following: (i) A second-hand machine was purchased for ` 5,00,000 on 1st July, 2017 and ` 1,00,000 were spent to make it operational. ` 1,00,000 were wrongly debited to Repairs Account. Machinery is depreciated @ 20% p.a. on Written Down Value Method. (ii) Closing Stock as on 31st March, 2018 was undervalued by ` 50,000. (iii) Remuneration to partners was to be considered as charge against profit and remuneration of ` 20,000 p.a. for each partner was considered appropriate. Calculate the value of goodwill. [Ans.: Goodwill—` 3,75,000.] 4. Calculate the goodwill of a firm on the basis of three years’ purchase of the weighted average profit of the last four years. The appropriate weights to be used and profits are: Year 2015–16 2016–17 2017–18 2018–19 Profits (`) 1,01,000 1,24,000 1,00,000 1,40,000 Weights 1 2 3 4 On a scrutiny of the accounts, the following matters are revealed: (i) On 1st December, 2017, a major repair was made in respect of the plant incurring ` 30,000 which was charged to revenue. The said sum is agreed to be capitalised for goodwill calculation subject to adjustment of depreciation of 10% p.a. on Reducing Balance Method.

Posted by Nitin Negi 1 week ago

CBSE > Class 12 > Accountancy

0 answers

Capitals of Kajal. Neerav and Alisha as on 31st March, 2024 were ₹90.000, ₹ 3,30,000 and 6.60,000 respectively. Profit of 1,80,000 for the year ended 31st March, 2024 was distributed in the ratio of 4:1:1 after allowing Interest on Capital 10% pa. During the year, each partner withdrew 3,60,000 The Partnership Deed was silent as to profit-sharing ratio but provided for interest on capital@ 12% pa. be Pass the necessary adjustment entry showing the working clearly.

Posted by Krishna Aggarwal 5 days, 1 hour ago

CBSE > Class 12 > Accountancy

1 answers

myCBSEguide App

myCBSEguide

Trusted by 1 Crore+ Students

Test Generator

Test Generator

Create papers online. It's FREE.

CUET Mock Tests

CUET Mock Tests

75,000+ questions to practice only on myCBSEguide app

Google Play

Download myCBSEguide App