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Sia ? 4 years, 2 months ago
To Calculation of new profit sharing ratio:
A's new ratio= old ratio-sacrifice
= 5/10-1/5
= 3/10
B's ratio= 4/10
C's new ratio= 1/10+1/5
= 3/10
New ratio= 3:4:3
Sacrificing ratio:
A's sacrifice= 1/5
C's gain= 1/5
The new profit sharing ratio= 1:1:1
Calculation of sacrificing ratio:
A's sacrifice = 5/10-1/3
= 5/30
B's sacrifice= 4/10-1/3
= 2/30
Sacrificing ratio= 5:2
C's gain= 7/30
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Sia ? 4 years, 2 months 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:
- 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 - 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.
Posted by Alok Shroff 4 years, 2 months ago
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Sia ? 4 years, 2 months ago
Depreciation is a wear&tear of the assets . And reduce the value of the asset .
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