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प्रश्न
Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2017.
|
Liabilities |
Amount (Rs.) |
Amount (Rs.) |
Assets |
Amount (Rs.) |
Amount (Rs.) |
|
Mannu’s Capital |
30,000 |
40,000 | Drawings: | 6,000 | |
|
Shristhi’s Capital |
10,000 |
Mannu | 4,000 | ||
| Shristhi | 2,000 | ||||
| Other Assets | 34,000 | ||||
| 40,000 | 40,000 |
Profit for the year ended March 31, 2017 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently inquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
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उत्तर
|
Statement showing the Adjustment to be made |
||||||
|
Particulars |
Mannu |
Shrishti |
Firm |
|||
| Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |
|
Interest on Capital |
1,350 | 400 | 1,750 | |||
|
Interest on Drawings |
120 | 60 | 180 | |||
| Loss to be debited (3 : 2) | 942 | 628 | 1,570 | |||
| 1,062 | 1,350 | 688 | 400 | 1,750 | 1,750 | |
| 288 (Cr) | 288 (Dr) | |||||
| Journal Entry |
||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| Shrishti’s Capital A/c ...Dr | 288 | |||
| To Mannu’s Capital A/c | 288 | |||
| (Being Omission of Interest on capitals drawings new rectified.) | ||||
Working Notes:
Calculation of opening capital of partner’s
Mannu’s opening capital = Closing capital + Drawings – Profit
= ₹ 30,000 – 5,000 × `3/5`
= ₹ 27,000
Shrishti’s opening Capital = Closing capital + Drawings – Profit
= ₹ 10,000 – 5,000 × `2/5`
= ₹ 8,000
Calculation of Interest on partner’s capital
Mannu’s Interest on capital = `27,000xx5%` = ₹ 1,350
Shrishti’s Interest on capital = `8,000xx5%` = ₹ 400
Calculation of Interest on partner’s drawings
Mannu’s Interest on drawings = `4,000xx6%xx6/12`
= ₹ 120
Shrishti’s Interest on drawings = `2,000xx6%xx6/12`
= ₹ 60
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|
|
Sukesh (Rs) |
Verma* (Rs) |
|
Capital Accounts |
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|
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|
Drawings |
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| PARTICULARS | AMOUNT (₹) |
| Sale of Sanitisers | 1,20,000 |
| Cost of goods sold | 50,000 |
| Total Remuneration to partners | 2,000 per month |
| Rent to a partner | 1,000 per month |
| Manager’s Commission | 5,000 |
| Closing Stock as on March 31,2021 | 9,000 |
| 6% Fixed Deposit (made on 31.3.2021) | 20,000 |
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Read the following information and answer the given question:
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| S. No. | Particulars | Amount (₹) |
| 1. | Gain on sale of fixed tangible assets | 12,50,000 |
| 2. | Goodwill written off | 7,80,000 |
| 3. | Transfer to General Reserve | 8,75,000 |
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Additional information:
| Particulars | 31.3.2020 (₹) | 31.3.2019 (₹) |
| Prepaid Expenses | 7,50,000 | 5,00,000 |
| Inventory | 10,50,000 | 8,20,000 |
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| Trade Receivables | 6,20,000 | 5,90,000 |
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Read the following information and answer the given question:
Krishika alumni of IIM Ahemdabad initiated her startup Krishika Ltd. in 2018. The profits of Krishika Ltd. in the year 2019-20 after all appropriations was ₹ 31,25,000. This profit was arrived after taking into consideration the following items:
| S. No. | Particulars | Amount (₹) |
| 1. | Gain on sale of fixed tangible assets | 12,50,000 |
| 2. | Goodwill written off | 7,80,000 |
| 3. | Transfer to General Reserve | 8,75,000 |
| 4. | Provision for taxation | 4,37,500 |
Additional information:
| Particulars | 31.3.2020 (₹) | 31.3.2019 (₹) |
| Prepaid Expenses | 7,50,000 | 5,00,000 |
| Inventory | 10,50,000 | 8,20,000 |
| Trade Payable | 4,50,000 | 3,50,000 |
| Trade Receivables | 6,20,000 | 5,90,000 |
Cash flow from operating activities will be ₹ ______.
The Journal Entry to transfer interest on capital to Profit and Loss Appropriation Account would be:
