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Capital adjustment at the time of admission of a partner if nothing is mentioned about how to adjust the capitals . Should we have to adjust it According to new partner share??

Posted by Priyanshi Saini 4 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Vivek Kumar 4 years, 2 months ago

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Calculate the interest on drawings of X @ 10% p.a. for the year ended 31st March, 2018 in each of the following cases:- 1. If his drawings during the year were Rs. 12,000 2. If he withdrew Rs. 1,000 p.m. at the beginning of every month. 3. If he withdrew Rs. 1,000 p.m. at the end of every month. 4. If he withdrew Rs. 1,000 p.m. In the middle of each month. 5. In he withdrew the following amounts; April 30th Rs. 3,000, June 30th Rs. 2,000, October 1st Rs. 4,000, December 31st Rs. 1,500, February 1st 2,500 6. If he withdrew Rs. 3,000 at the beginning of each quarter 7. If he withdrew Rs. 3,000 at the end of each quarter. 8. If he withdrew Rs. 3,000 during the middle of each quarter.

Posted by Soniya Yadav 1 day, 13 hours ago

CBSE > Class 12 > Accountancy

0 answers

(Interest on capital when closing capital is given) A and B are partners sharing profits and losses in the ratio 4: 3. Their capital on 31st December, 2022 were 3,00,000 and 2,00,000 respectively. During the year, their drawings were 50,000 each. The firm earned profit amounting to 70,000 for the year ending 31st December, 2021. Later on they decided that interest on their capital be charged at 10% p.a. Compute interest on Capital.

Posted by Saksham Aryan 1 week, 1 day ago

CBSE > Class 12 > Accountancy

0 answers

Dev withdrew rs.10000 of 15th day of every month.

Posted by Tanya Chaudhary 1 week, 5 days ago

CBSE > Class 12 > Accountancy

0 answers

Pooja and Archna are parmas in a finn sharing profits and losses 1. Their capital accounts as en 1st April, 2017 stand at 70,000 ratio of 2 respectively. The partners the partners during s are allowed muret in capital @ 10% the year ended 31st March, 2018 amounted to p.a. The respectively. Interest is charged on drawings at the tale of 10% p.a. and t 1st December 1st February Interest on drawings is charged @ of A for the year ended 31st March, 20 [Ans. Interest on Drawings ₹221. Q. 22 (A). Gopal is a partner in a dras first day of every month during th If interest on drawings is c drawings of Gopal. 4,800 and Pooja has given a loan to firm as on 1st November, 2017 of ₹20,000. The profit of the firm for the year ended ist March, 2018 before adjustments was 280,000. 10% of this pult is beligt in a Reserve Account Current A/c balances on 1st April, 2017 wet Pooja ₹5,000 (Cr.); As 23,000 (Dr

Posted by Himalaya Singhal 6 days, 23 hours ago

CBSE > Class 12 > Accountancy

0 answers

Madhuri and Arsh were partners in a firm sharing profits and Their Balance Sheet as at 31 ^ (st) * M * a * r * c * h 2019, was as follows: losses in the ratio of 3: 1. Balance Sheet of Madhuri and Arsh As on 31 ^ (st) March, 2019 4 Assets Amount (3) Liabilities Amount () 4,70,000 1,10,000 Capital Madhuri Arsh 1,20,000 2,00.000 Machinery Investments 5,00,000 Debtors Less: Provision for doubtful 60,000 debts Workmen's Compensation Fund (10,000) 1,10,000 Creditors Employees' Provident Fund 1,90,000 Stock 1,10,000 8,60,000 Cash 1,40,000 30,000 8,60,000 On 1 ^ (st) April, 2019, they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and 40,000 as her share of goodwill premium. The following terms were agreed upon; (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by 10,000. (iii) An old customer whose account was written off as bad, paid 15,000.. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen's compensation amounted to 70,000. (vi) Creditors included a sum of 27,000 which was not likely to be claimed. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm

Posted by Pozhil Veer 1 week, 1 day ago

CBSE > Class 12 > Accountancy

0 answers

On 1st April, 2015 X, y and X started a business in partnership. X contribute rupees 90,000 at first but withdraws rupees 30,000at the end of six months. Y introduces rupees 75,000 at first and increases it to rupees 90,000 at the end of four months, but withdraws it by rupee 60,000 at end of seven months. During the year ended 31st March 2016, they make a net profit of rupees 42,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.

Posted by Sushant Kamboz. 2 days, 1 hour ago

CBSE > Class 12 > Accountancy

0 answers

Dev with true rupees 10 10000 on 15th day of every month interest on drawing was be changed a 12% per annum calculate interest on their string

Posted by Tanya Chaudhary 1 week, 5 days ago

CBSE > Class 12 > Accountancy

0 answers

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CBSE > Class 12 > Accountancy