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प्रश्न
The capital accounts of Moli and Golu showed balances of Rs 40,000 and Rs 20,000 as on April 01, 2016. They shared profits in the ratio of 3:2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a. Golu advanced a loan of Rs 10,000 to the firm on August 01, 2016. During the year, Moli withdrew Rs 1,000 per month at the beginning of every month whereas Golu withdrew Rs 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments was Rs 20,950. Calculate interest on drawings show distribution of profits and prepare partner’s capital accounts.
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उत्तर
Interest on Moli’s Drawing = Total Drawings × `"Rate"/100` x `13/[2 xx 12]`
= 12,000 x `12/100 xx 13/[2 xx 12]`
= Rs 780
Interest on Golu’s Drawings = Total Drawing × `"Rate"/100` x `11/[2 xx 12]`
= 12,000 x `12/100 xx 11/[2 xx 12]`
= Rs 660
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Profit and Loss Adjustment Account |
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Dr. |
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Cr. |
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Particulars |
Amount Rs |
Particulars |
Amount Rs |
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Interest on Capital : |
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Profit and Loss Account |
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20,950 |
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Moli |
4,000 |
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Interest on Drawings : |
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Golu |
2,000 |
6,000 |
Moli |
780 |
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Golu |
660 |
1,440 |
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Interest on Partner’s Loan |
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Golu’s {10,000 × (6/100) × (8/12)} |
400 |
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Profit transferred to : |
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Moli’s Capital {15,990 ×(3/5)} |
9,594 |
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Golu’s Capital {15,990 ×(2/5)} |
6,396 |
15,990 |
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22,390 |
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22,390 |
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Partners’ Capital Account |
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Dr. |
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Cr. |
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Particulars |
Moli |
Golu |
Particulars |
Moli |
Golu |
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Drawings |
12,000 |
12,000 |
Balance b/d |
40,000 |
20,000 |
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Interest on Drawing |
780 |
660 |
Interest on Capital |
4,000 |
2,000 |
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Balance c/d |
40,814 |
15,736 |
Profit and Loss Adjustment |
9,544 |
6,396 |
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53,594 |
28,396 |
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53,594 |
28,396 |
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संबंधित प्रश्न
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Following is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2017:
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Balance Sheet as at March 31, 2017 |
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Amount |
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Amount |
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Liabilities |
Rs |
Assets |
Rs |
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Neelkant’s Capital |
10,00,000 |
Sundry Assets |
30,00,000 |
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Mahadev’s Capital |
10,00,000 |
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Neelkant’s Current Account |
1,00,000 |
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Mahadev’s Current Account |
1,00,000 |
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Profit and Loss Apprpriation |
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(March 2017) |
8,00,000 |
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30,00,000 |
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30,00,000 |
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|
|
Rs |
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February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
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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 |
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| 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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Consider the following statements
Statement 1: "No interest is to be charged on the drawings made by the partners if there is no mention in the Deed."
Statement 2: Specified provisions are required to be mentioned in the partnership deed to charge interest on drawings.
If the interest on drawings is omitted to be recorded, what will be the journal entry?
Pick the odd one out:
When is the Profit and Loss Appropriation Account prepared?
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Where is the Interest in drawings recorded in the Current Account?
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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 |
| 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 |
Net Profit before Tax will be ₹ ______.
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 |
| 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 |
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The Journal Entry to transfer interest on capital to Profit and Loss Appropriation Account would be:
If the interest on capital is omitted, what will be the journal entry during the situation?
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account.
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
