Bill fill and gill are partners …

Bill fill and gill are partners in a firm sharing profits and losses in the ratio of their capitals which stood at 120000,100000 and 80000as at 31 narch 2020. The partnership allows interest on capital @7% and interest on drawings@8%p a. Bill and gill are entitled to a salary of rs 8000 and 7500 whereas fill is entitled to a commission bof 2%on sales of rs 500000 and resulting in the net profit of rs16000.also fill is entitled to receive a commission of 4% after charging such commission and after all the above appropriation but before transfer to reserves.the partners also decide to transfer rs 10000 of divisible profitsto be transfered to general reserve the partners with drew bill rs 50000 during the year,gill 25000 on july 1 ,2020and fill rs 400 at the end of each month.there was also an amount of rs9000 due for rent to gill the adjustment for which has not been considered.prepare profit and loss appropriation

On March 31st ,2020 the balances in the capital accounts of Alka, Hardik and Ramneek after making adjustment for profits and drawings were rupees 9,00,000;rupees 5,00,000 and rupees 3,00,000 respectively.Subsequently it was discovered that the interest on capital and drawings has been omitted .The profit for the year ended 31st March 2020 was rupees 1,80,000.During the year Alka and Ramneek each withdrew a sum of rupees 40000.Hardik withdrew a total of rupees 60,000 in equal installments in the middle of each quarter. Interest on drawing was to be charged @ 5% p.a. and interest on capital was to be allowed @10% per annum. The profit sharing ratio was 3:1:1. Showing your working clearly ,pass the necessary rectifying entry.

Ram and shyam are partners in a firm sharing profits in the ratio 3:5 . Their fixed capitals were Ram : 500000 and Shyam : 900000 . The partnership deed provided IOC @10% p.a. but it was found that IOC has been omitted. Pass necessary rectify entry

Durga ltd invited applications for issuing 100000 shares of ₹10each at par. On application ₹2per share on allotment ₹ 3 per share on final call ₹5 per share. Applications were received for 280000 shares. Applications for 30000 shares were rejected and the money refinded.

Mr tushar decided

X and Y were partners sharing profit and loss in the ratio of 2:1 respectively the following was their balance sheet as at 31 march 2020

Maira retail chain Ltd.,an unlisted company ,had 6000,8% debenture of 1000 each outstanding for redemption to be redeemed as follows : On 31march ,2020. 3000 debenture On 31 March 2021. 2000 debenture On 31 March 2022 .. balance debenture It complied with the requirements of companies act,2013 by transferring amount to DRR on 31 March, 2020 and invested in fixed deposit with SBI on 1 April ,2019 , which proportionate amount of investment was to be redeemed Pass necessary journal entries .

Hhjk

Basu,harish,jadhav are partners in a firm with the capital 50,000,40000 amd 30000 . •int.on cap.to be allowed 10%p.a •int.on drawing to be charged 10 %p.a • harish and jadhav are each to be paid salaries @500 per month. •basu is to be paid a commission of 5% of the net profit. •The remaining profits are to be divided as follows : 40% to Basu , 30% to harish 20% to jadhav and 10% carried to reserve account . The net profit for the year ended 31.03.2018 was 50000,Basu withdraw 1000 per month at the beginning of eaxh month.harish withdraw 1000per month in the middle of each month and Jadhav withdrew 1000per month at the end of the each month .You are required to prepare the profit and loss appropriation account for the year ended 31.03.2018 only.

 A comprehensive project taking any sole proprietorship business and this Accounts project for Class 12 must state the following: 1. Journal Entries 2. Ledgers 3. Preparation of Trial Balance 4. Balance Sheet 5. Trading Account 6. Profit and Loss Account 7. Use Pie Chart or Bar Diagram to show Incomes, Profit or Loss and Assets and Liabilities Note: It is mandatory to write the narration for every journal entry project

Joy and Bijoy started a partnership business on 1st April 2019 bringing a capital of 60,000 and 40.000respectively. On 1st December , 2019, Bijoy gave a loan of ? 20.000 to the firm at an interest of 9% per annum. During the year they made a profit of 30,000. The other terms and conditions of the partnership were as follows The profits and losses would be shared in the ratio of initial capital. (1) Bijoy would be entitled to a salary @ 600 per month (i) Drawings of the partners were : Joy * 6,000 : Bijoy 9.000 Show Profit and Loss Appropriation