Kurup and Lal were partner. Their …

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.

Dev withdraw 10000 on 15th day of every month . Interest on drawing was is to be charged 12 % p. A. Calculate lnterest on dev drawing

A and b are partners in a form sharing profit in the ratio 2 ratio 1 c join the firm a surrender 1 by 4 of his share and be one by five of his share in favour of c find the new profit sharing ratio

2 Sachin and Dravid are partners in a frm sharing profits and losses in the ratio of 3-2. Their balance sheet is given below. Balance Sheet as on 31.03.2017 Liabilities sets RS Creditors 18.000 Cash in Hand 2.000 els Payable 12.000 Cash at Bank 18.000 Reserve Fund 3.000 Sundry debtors 25.000 Capitals PD 2.000 23,000 Sachin 50,000 Stock 10,000 Dravid 50.000 100.000 Furniture 25,000 Buildings 50.000 P & L Account 5.000 133,000 133.000 On 01.04.2017 they admitted Ashwin as new partner into partnership on the following terms a. He brings in Rs. 40,000 as capital and Rs. 18,000 toward Goodwill for 1/4th share in future profits b. Depreciate Furniture by 10% and Buildings are revalued at Rs. 45,000. C.PDD increased to Rs. 3.500. d. Prepared insurance Rs. 2,000. Prepare: i). Revaluation Account ii). Partners Capital Account sii) New Balance sheet as on 01.04.2017 Ans:- Loss on Revaluation Account Rs. 7,000, Capital Account balance Sachin - Rs. 55,400, Dravid - Rs. 53.600, Ashwin - Rs. 40,000, Bank Account Rs. 78,000, Balance Sheet total Rs. 1.79,000)

Q. 100. Neena and Sara were partners in a firm with fixed capitals of ₹5,00,000 and ₹4,00,000 respectively. It was discovered that interest on capital @ 6% p.a. was credited to the partners for the two years ending 31st March, 2018 and 31st March, 2019 whereas there was no such provision in the partnership deed. Their profit sharing ratio during the last two years was: error. Showing your workings clearly, pass the necessary adjustment entry to rectify the 2017-18 2018-19 4:5 5:1 (C.B.S.E. 2020, Rajasthan)

Expense on revaluation paid by partner journal entry

Ram, Shyan, Ghanshyam and Radheshyam are partners sharing profits and losses 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 wan discovered that interest capital 12% per annum was not allowed and interest. drawings unmounting 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.

Claim on account of workmen compensation amounted to rupees 70,000 which was to be paid later

Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1st April, 2010 were Lalan ₹ 1,00,000 and Balan ₹ 2,00,000. They agreed to allow interest on capital @ 12% per annum and charge on drawings @ 15% per annum. The firm earned a profit, before all above adjustments, of ₹ 30,000 for the year ended 31st March, 2011. The drawings of Lalan and Balan during the year were ₹ 3,000 and ₹ 5,000 respectively. Showing your calculation clearly, prepare profit and loss appropriation account of Lalan and Balan. The interest on capital will be allowed even if the firm incurs loss.

160,000 on 1 April 2018. Y is entitled to a salary of Rs. 800 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year X withdrew Rs. 16,000 and Y withdrew Rs. 20,000. The profit for the year before allowing for the terms of the partnership deed came to Rs. 60,000 Assuming the capitals to be fixed, prepare the capital and current accounts

A firm’s profits for the last three years are Rs. 5,00,000; Rs. 4,00,000 and Rs. 6,00,000. Calculate value of firm’s goodwill on the basis of four years’ purchase of the average profits for the last three years.