Please answer

6500

Answer

111600

Answer madi

~Sacrificing ratio : (old - new) Asha= 3/5 - 2/3= 1/15(sacrifice) Nishan = 2/5 - 1/3=1/15(gain) Sacrifice ratio: 1:1 ~Distribution of goodwill: Asha=18000×1/2 =9000 Nishan=18000×1/2=9000 ~Journal entry of goodwill: Asha's capital A/c Dr. 9000 Nishan's capital A/c dr.9000 To goodwill A/c 18000

Assertion is wrong but reason is true

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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

To prepare the Profit and Loss Appropriation Account for the year ended 31.3.2007, we need to follow these steps: 1. Calculate the total net profit of the firm. 2. Deduct John's monthly salary from the net profit. 3. Calculate David's commission on the remaining profit. 4. Allocate the remaining profit between David and John based on their profit-sharing ratio. Let's do the calculations: 1. Total net profit of the firm: Total net profit = Rs. 1,40,000 2. Deduct John's monthly salary: John's salary for the year = Rs. 2,500 * 12 months = Rs. 30,000 Remaining profit after salary = Rs. 1,40,000 - Rs. 30,000 = Rs. 1,10,000 3. Calculate David's commission: David's commission = 10% of Rs. 1,10,000 = Rs. 11,000 4. Allocate remaining profit between David and John: David's share = (4/5) * Rs. 1,10,000 = Rs. 88,000 John's share = (1/5) * Rs. 1,10,000 = Rs. 22,000 Now, let's prepare the Profit and Loss Appropriation Account: ``` Profit and Loss Appropriation Account For the year ended 31.3.2007 Particulars Amount (Rs.) ---------------------------------------- Net profit (as per P&L) 1,40,000 Less: John's salary 30,000 -------- Remaining profit 1,10,000 David's commission -11,000 -------- Remaining profit for distribution 99,000 David's share (4/5) 88,000 John's share (1/5) 22,000 -------- Total 1,10,000 -------- ``` This is the Profit and Loss Appropriation Account for the year ended 31.3.2007, showing how the net profit is distributed between David and John after deducting expenses and commission.

To settle the dispute and distribute the profits according to the provisions of the Partnership Act, we need to consider the following claims and provisions: Om Parkash's Claims: 1. Interest on capital and on loan @10% p.a. 2. Profit sharing in the capital ratio. Som Parkash's Claims: 1. Profit sharing in equal ratio. Additional Claim (No Partnership Deed): 1. Salary for Om Parkash's illness period. 2. Interest on capital and on loan @6% p.a. Let's address each claim: 1. **Interest on capital and on loan @10% p.a. (Om Parkash's claim):** According to the Partnership Act, partners are entitled to interest on capital only if there is an agreement to that effect. Since there is no agreement, interest on capital should not be allowed. However, interest on loan can be allowed as it is a liability of the firm. 2. **Profit sharing in the capital ratio (Om Parkash's claim):** In the absence of a partnership agreement, profit sharing is done in the ratio of the capital contributed by each partner. Therefore, the profit should be shared in the ratio of 20,000 : 15,000, which is 4:3 between Om Parkash and Som Parkash respectively. 3. **Profit sharing in equal ratio (Som Parkash's claim):** Since there is no partnership agreement, and profit sharing is based on the capital ratio, Som Parkash's claim for equal profit sharing cannot be entertained. 4. **Salary for Om Parkash's illness period (No Partnership Deed):** Partners are not entitled to salary unless there is a specific provision in the partnership agreement. Therefore, the claim for salary cannot be entertained. 5. **Interest on capital and on loan should be given only @6% p.a. (No Partnership Deed):** Since there is no partnership agreement, interest on capital and loan should be given at the rate specified in the Indian Partnership Act, which is 6% p.a. Based on the above analysis, the profits should be distributed as follows: - Total profit: Rs. 28,300 - Om Parkash's share (4/7): Rs. 16,100 - Som Parkash's share (3/7): Rs. 12,200 Om Parkash will not be entitled to interest on capital but will receive interest on the loan @6% p.a. Som Parkash will receive his share of profit without any additional claims. This distribution is fair and in accordance with the provisions of the Partnership Act, considering the absence of a partnership agreement.

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