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Atin, bipin and rabin are in partnership sharing profits in the ratio of 2:2:1 respectively. on 1st January ,1997, the balance on their capital and current account are: Atin capital account Rs. 20000 and current account Rs. 1500. Bipin capital account Rs.16000 and current account Rs. 400. Rabin capital account Rs. 8000 and current account Rs. 1000. The partnership agreement provides for: (A) each of atin and rabin to be credited at the end of each year (31st December) with an annual salary of Rs. 2000; (B) interest on fixed capital @ 10% per annum; (C) interest on drawing @ 10% per annum. During the year ending 31st December, 1997, the partner's drawing where as follows: Atin : Rs. 1000 at the beginning of each month. Bipin :Rs. 1000 at the end of each month. Rabin : Rs. 1000,Rs. 2500, Rs. 2800, and Rs. 600 on 31st January , 31st june, 31st August and 30th October respectively. After preparing their trading and profit and loss account for the year ending 31st December 1997 the partners find that their profit of the year is Rs.32670.
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Aman Ansari 4 months, 3 weeks ago

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Nikhil Goyal 5 years, 6 months ago

Answer Should be Rs. 164300/-

Cash Sales =30000/- (given)

Credit Sales= Rs. 134300/-

Total bills recieved by Debtors= 30900+10800+16000-17800=39900

Credit Sales= Bills Received 39900+ Sale Return(3700)+ Bad Debts 6800+ Cash Received 100000+Closing Balance 35500-Opening Balance 40800- Bills Dishonoured 10800=134300

 

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Khushi Varshney 5 years, 6 months ago

you can find that at the back of your book
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Yogita Ingle 5 years, 6 months ago

Goodwill is good name or the reputaion of the business, which is earned by a firm through the hardwork and honesty of its owners. If a firm renders good service to the customers, the customers who feel satisfied will come again and aain and the firm will be able to earn more profits in future.

Thus, goodwill is the value of the reputaion of a firm which enables it to earn higher profits in comparison to the normal profits earned by other firms in the same trade.

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Gaurav Seth 5 years, 6 months ago

In case of Not-for-profit organisation, Capital fund can be considered as excess of its assets over its liabilities. Any surplus or deficit ascertained from Income and Expenditure account is added to (deducted from ) the capital fund. This is termed as Accumulated Fund.
                      Calculation of Capital Fund 

Capital Fund at the beginning of the year
(+) Surplus from Income and Expenditure Account
(Through b/f)
(+) Subscription Amount (Capitalised Amount )
(+) Life membership fee.
(-) Deficit from Income and Expenditure Account
(Through b/f)
Capital Fund at the end of the year 
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Adithya Joseph 5 years, 6 months ago

Solution: Total drawing: 120000 Interest: 12% Time: 6 months 12000 x 12\100 x 6/12 = ₹ 7200

Gaurav Seth 5 years, 7 months ago

Explanation:

when the drawings are are made in the middle or at any time during the month, interest on whole amount will be calculated for 6 months.

Formula :

First we need to calculate the average period:

Average Period =(Time left after first drawing+Time left after last drawing) /2

Average period=  months

Now we will calculate the interest on drawing:

Interest = 

Interest = 600

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Indrajeet Singh Arora 5 years, 7 months ago

Receipt and payement starts with opening balance of cash in hand /bank/bank overdraft closes with the same . whereas there is no opening balance or closing balance in case of Income and Expenditure A/c.
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Khushi Pandey 5 years, 7 months ago

A partnership deed also called as a partnership agreement, is a record that outlines in detail the rights and functionalities of all parties to a business operation. It has the force of law and is designed to guide the partners in the conduct of the business.
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Meghna Thapar 5 years, 7 months ago

Protein is a nutrient needed by the human body for growth and maintenance. Aside from water, proteins are the most abundant kind of molecules in the body. Protein can be found in all cells of the body and is the major structural component of all cells in the body, especially muscle. Proteins are a class of macromolecules that perform a diverse range of functions for the cell. They help in metabolism by providing structural support and by acting as enzymes, carriers, or hormones. The building blocks of proteins (monomers) are amino acids.

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Sia ? 4 years, 7 months ago

MEANING Inclusion of a new person as a partner to an existing firm is called admission of a partner. The new partner who joins the business is called the incoming partner or new partner.

13301y Figures 0. I. X, Y and hers in a firm sharing profits in the ratio of 5:3:2. The firm closes its books on 31st March every year. On 30.9.2016, Z died. The partnership deed provided that on the death of a partner his executors will be entitled to the following: (i) Balance in his capital account and interest on capital @12% per annum. balance in Z's Capital Account was On 1.4.2016 80,000. (i) His share in the profits of the firm in the year of his death, which will be calculated on the basis of rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 30.9.2016 were 4,00,000. (iii) His share in the goodwill of the firm. The goodwill of the firm on Z's death was valued at 3,00,000. The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner: (i) His drawings in the year of his death. Z had withdrawn 730,000 till 30.9.2016. (ii) Interest on drawings @ 12% per annum which was calculated as 2,000. The accountant of the firm prepared Z's Capital Account to be presented to his executor but in a hurry did not complete it. Z's Capital account as prepared by the firm's accountant is presented below: Dr. Date Particulars 2016 Sept. 30 Sept. 30 To Sept. 30 Z's Capital Account () Date Cr. 80,000 4,800 20.000 1,64,800 [CBSE (F) 2017] Particulars By 2016 30,000 April 1 2,000 Sept. 30 By Sept. 30 Sept. 30 Sept. 30 By By.. By 1,64,800 You are required to complete Z's Capital Account.
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