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Akash Malik 4 days, 2 hours ago

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  • 1 answers

Sia 🤖 3 days, 23 hours ago

Please complete your question

  • 1 answers

Sia 🤖 4 days, 18 hours ago

What is your question?

  • 1 answers

Radha Sharma 5 days, 4 hours ago

Yup
Q14
  • 0 answers
  • 1 answers

Rahul Verma 1 week, 1 day ago

What is credit
  • 1 answers

Sia 🤖 1 week, 1 day ago

Please complete your question

Active blunt end circle started a business on 1st April 2017 with capital of 450000 6 lakh and 350000 according to partnership agreement: (1) profit earned in any year will be distributed as under: Up to 270000-equally Excess over 270000-one-half to active,one sixth to blunt and one third to circle (2)provide interest on capital and drawing @6%p.a. (3)circle is entitled to get a monthly salary of 4000 and Bullet is entitled to get a monthly salary of 6000 in addition to above circle and blunt are entitled to get a commission of 5% each on net of profit after taking into consideration the interest and all commissions Drawing of partners during the year were: Active withdrew regularly 5000 at the beginning of every month Blunt withdrew regularly 7000 at end of every month Circle withdrew 80000 during the year Profit for the year 593120 prepare partners current account
  • 1 answers

Sia 🤖 1 week, 3 days ago

Books of Active, Blunt and Circle
Profit & loss Appropriation A/c
(for the year ended 31st March, 2018)

Dr.       Cr.
Particulars   Particulars
To Interest on Capital:     By Profit & Loss A/c
(Net Profit for the year)
5,93,120
Active 27,000   By Interest on Drawings:  
Blunt 36,000   Active {tex}60,000 \times \frac{6}{100} \times \frac{6.5}{12}{/tex} = 1,950  
Circle 21,000 84,000 Blunt {tex}84,000 \times \frac{6}{100} \times \frac{5.5}{12}{/tex} = 2,310  
To Salary:     Circle {tex}80,000 \times \frac{6}{100} \times \frac{6}{12}{/tex} = 2,400 6,660
Blunt 72,000      
Circle 48,000 1,20,000    
To Commission (Note 1)        
Blunt 17,990      
Circle 17,990 35,980    
To Profit Transferred to: (Note 2)        
Active's Current A/c 1,34,900      
Blunt's Current A/c 1,04,967      
Circle's Current A/c 1,19,933 3,59,800    
    5,99,780   5,99,780

PARTNER'S CURRENT ACCOUNTS 

Dr.             Cr.
Particulars Active Blunt Circle Particulars Active Blunt Circle
To Drawings 60,000 84,000 80,000 By Interest on Capital 27,000 36,000 21,000
To Interest on Drawings 1,950 2,310 2,400 By Salary   72,000 48,000
To Balance c/d 99,950 1,44,647 1,24,523 By Commission   17,990 17,990
        By Profit & Loss App. A/c 1,34,900 1,04,967 1,19,933
  1,61,900 2,30,957 2,06,923   1,61,900 2,30,957 2,06,923

Working Note:

  1. Balance of Profit = ₹5,93,120 + 6,660 - 84,000 - 1,20,000 = ₹3,95,780
    Commission to Blunt and Circle is 5% to each partner after charging such commission.
    Hence, the commission will be {tex}\frac{5}{110}{/tex} to each partner.
    Commission to Blunt = {tex}3,95,780 \times \frac{5}{110}{/tex} = ₹17,990
    Commission to Circle = {tex}3,95,780 \times \frac{5}{110}{/tex} = ₹17,990
  2. Divisible Profit: ₹3,95,780 - 17,990 - 17,990 = ₹3,59,800
      Active
    Blunt
    Circle
    Up to ₹2,70,000 Equally 90,000 90,000 90,000
    ₹3,59,800 - ₹2,70,000 = ₹89,800 in {tex}\frac{1}{2}: \frac{1}{6}: \frac{1}{3}{/tex}  44,900 14,967 29,933
      1,34,900 1,04,967 1,19,933

For calculation of interest on drawings, the period would be taken as six months, which is the average period assuming, that amount is withdrawn evenly in the middle of the month, throughout the year.

  • 1 answers

Sia 🤖 1 week, 5 days ago

Depreciation is a wear&tear of the assets . And reduce the value of the asset .

  • 1 answers

Sia 🤖 1 week, 5 days ago

Please complete your question

  • 1 answers

Sia 🤖 1 week, 6 days ago

current assets = 410000

current assets after payment (410000-50000) = ₹360000

current ratio = current assets/current liabilities

2:4 = 360000/current liabilities current liabilities = ₹150000

working capital = current assets - current liabilities

working capital = 360000 - 150000 = ₹210000

  • 1 answers

Jitu Yadav 4 days, 17 hours ago

1,2,4
Mr.Ramakant decided to start a computer business. For this purpose he built the first floor of his house at a cost of Rs. 2,00,000 and invested a further sum of Rs. 3,50,000 in his business. He wanted to start with 12 computers costing Rs.40,000 each. He approached ICICI bank and secured a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in four annual instalments as follows. At the end of first year Rs90,000 + Rs36,000 for interest At the end of second year Rs90,000 + Rs27,000 for interest At the end of third year Rs90,000 + Rs18,000 for interest At the end of fourth year Rs90,000 + Rs.9,000 for interest He started business on 1st April 2017. On the same date he deposited Rs.3,30,000 in the bank. He purchased computers and paid 25% of the value of computers from his bank and Rs.3,60,000 out of bank loan availed. He deposited Rs.10,000 for the electric connection with the Electricity Board and also deposited Rs.1,50,000 with the VSNL for internet and telephone connection. He spent Rs.40,000 for getting the computer cafe furnished and also spent Rs.6,000 in getting the pamphlets printed and distributed. All payments were to be made by cheques and all the receipts were to be deposited in the bank on the same day. At the end of the year, the results were: Rs Purchases of computer stationery 92,000Revenue from fees received from students of computer classes 2,70,000 Revenue on account of internet facility 2,20,000 Revenue from sale of computer stationery 1,60,000 Wages paid to servant 12,000 Electricity charges 48,000 Telephone charges 73,000 Entertainment expenses 7,000 General expenses 5,200 He withdrew Rs.5,000 by cheque each month for his personal expenses and duly paid the bank loan. You are required to Journalize the above transactions ,post them into the ledger and prepare a trial balance. Prepare trading and profit and loss account and balance sheet taking into consideration that :- 1. A telephone bill of Rs. 6,800 is yet to be paid. 2. Depreciate building by 5% , furniture by 20% and computers by 30%.
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  • 1 answers

Gaytri Sharma 2 weeks, 6 days ago

If the current ratio is more then 1 then it is considered as ideal .

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