Advertisements
Advertisements
प्रश्न
Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6 : 4 : 1. Komal is guaranteed a minimum profit of ₹ 2,00,000. The firm incurred a loss of ₹ 22,00,000 for the year ended 31st March, 2018. Pass necessary journal entry regarding deficiency borne by Maanika and Bhavi and prepare Profit and Loss Account.
Advertisements
उत्तर
| Journal Entries For the year ended on 31 March, 2018 |
||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 2018 | ||||
| Mar 31 | Maanika's Capital A/c ...Dr. | 12,00,000 | ||
| Bhavi's Capital A/c ...Dr. | 8,00,000 | |||
| Komal's Capital A/c ...Dr. | 2,00,000 | |||
| To Profit & Loss A/c | 22,00,000 | |||
| (Being the net loss distributed among partners in 6 : 4 : 1 ratio) | ||||
| Mar 31 | Maanika's Capital A/c ...Dr. | 2,40,000 | ||
| Bhavi's Capital A/c ...Dr. | 1,60,000 | |||
| To Komal's Capital A/c | 4,00,000 | |||
| (Being deficiency of Komal met by Maanika and Bhavi in 6:4 ratio) | ||||
|
Profit & Loss Account
For the year ended 31st March, 2018
|
||||
| Particulars | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Net Loss (before adjustments) | 22,00,000 | By Loss Transferred to Capital A/cs: | ||
| Maanika | 12,00,000 | |||
| Bhavi | 8,00,000 | |||
| Komal | 2,00,000 | 22,00,000 | ||
| Total | 22,00,000 | Total | 22,00,000 | |
Working note:
Initial Distribution of Firm's Loss (6 : 4 : 1)
Total Loss to Distribute: ₹ 22,00,000
Maanika's Share: `22,00,000 xx 6/11 = 12,00,000`
Bhavi's Share: `22,00,000 xx 4/11 = 8,00,000`
Komal's Share: `22,00,000 xx 1/11 = 2,00,000`
Calculation of Deficiency:
Komal's Minimum Guaranteed Profit: + ₹ 2,00,000
Komal's Initial Share (Debit/Loss): – ₹ 2,00,000
Total Deficiency to Make Up: Guaranteed Profit + Initial Loss = 2,00,000 + 2,00,000 = 4,00,000
Deficiency Borne by Maanika and Bhavi (6 : 4)
Maanika: `4,00,000 xx 6/10 = 2,40,000`
Bhavi: `4,00,000 xx 4/10 = 1,60,000`
