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प्रश्न
Harish is a partner in a firm. He withdrew the following amounts during the year 2017 :
|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
Interest on drawings is to be charged @ 7.5 % p.a.Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.
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उत्तर
Calculation of interest on Harish’s drawings
|
|
Drawings × Period |
Product |
|
01 Feb. 17 to 31 Dec. 17 |
4,000 × 11 = |
44,000 |
|
01 May 17 to 31 Dec. 17 |
10,000 × 8 = |
80,000 |
|
30 June 17 to 31 Dec. 17 |
4,000 × 6 = |
24,000 |
|
31 Oct. 17 to 31 Dec. 17 |
12,000× 2 = |
24,000 |
|
31 Dec. 17 to 31 Dec. 17 |
4,000 × 0 = |
0 |
|
|
Sum of Product |
1,72,000 |
Interest on drawings = 1,72,000 × `7.5/100 xx 1/12` = Rs 1,075
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संबंधित प्रश्न
Rakhi and Shikha are partners in a firm, with capitals of Rs 2,00,000 and Rs 3,00,000 respectively. The profit of the firm, for the year ended 2016-17 is Rs 23,200. As per the Partnership agreement, they share the profit in their capital ratio, after allowing a salary of Rs 5,000 per month to Shikha and interest on Partner’s capital at the rate of 10% p.a. During the year Rakhi withdrew Rs 7,000 and Shikha Rs 10,000 for their personal use. You are required to prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts.
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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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- at the beginning of every month,
- at the middle of every month, and
- at the end of every month.
Harish is a partner in a firm. He withdrew the following amounts during the year 2017 :
|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
Interest on drawings is to be charged @ 7.5 % p.a.
Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.
Bharam is a partner in a firm. He withdraws Rs 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
Himanshu withdrews Rs 2,500 at the end Month of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2017.
Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively.
They withdrew from the firm the following amounts, for their personal use:
|
Rakesh |
Month |
Rs. |
|
|
May 31, 2019 |
600 |
|
|
June 30, 2019 |
500 |
|
|
August 31, 2019 |
1,000 |
|
|
November 1, 2019 |
400 |
|
|
December 31, 2019 |
1,500 |
|
|
January 31, 2020 |
300 |
|
|
March 01, 2020 |
700 |
|
Rohan |
At the beginning of each month |
400 |
Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of account are closed on March 31, 2020, every year.
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Harshad Claims:
(i) He should be given interest @ 10% per annum on capital and loan;
(ii) Profit should be distributed in proportion of capital;
Dhiman Claims:
(i) Profits should be distributed equally;
(ii) He should be allowed Rs 2,000 p.m. as remuneration for the period he managed the business, in the absence of Harshad;
(iii) Interest on Capital and loan should be allowed @ 6% p.a.
You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit and Loss Appropriation Account.
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(i) Profits will be shared equally;
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(v) 5% interest will be charged on partner’s annual drawings;
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(i) Partners capital on April 1, 2016;
Simmi, Rs 30,000; Sonu, Rs 60,000;
(ii) Current accounts balances on April 1, 2016;
Simmi, Rs 30,000 (cr.); Sonu, Rs 15,000 (cr.);
(iii) Partners drawings during the year amounted toSimmi, Rs 20,000; Sonu, Rs 15,000;
(iv) Interest on capital was allowed @ 5% p.a.;
(v) Interest on drawing was to be charged @ 6% p.a. at an
average of six months;
(vi) Partners’ salaries : Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners’ current accounts.
Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:
|
Rakesh |
Month |
Rs |
|
|
May 31, 2016 |
600 |
|
|
June 30, 2016 |
500 |
|
|
August 31, 2016 |
1,000 |
|
|
November 1, 2016 |
400 |
|
|
December 31, 2016 |
1,500 |
|
|
January 31, 2017 |
300 |
|
|
March 01, 2017 |
700 |
|
Rohan |
At the beginning of each month |
400 |
Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2017, every year.
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Pass necessary journal entries for the above transactions in the books of the firm.
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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 |
On 31st March 2021, Remuneration to Partners will be provided to the partners of “Be Safe” but only out of ______.
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.
How you will calculate the average period and the interest on drawings when the amount is withdrawn in the middle of each month?
Which of the following items is not dealt through Profit and Loss Appropriation Account?
Rahul and Shubham are partners in a partnership Rahul withdraw ₹ 4,000 during the year as drawings. Interest on drawings is charged @ 15% p.a. The amount of interest on drawings at the end of the year will be ______.
Rehana, Shakina and Jasmine are partners. They share profit and loss in the ratio 1 : 2 : 3. Shakina is guaranteed to get ₹ 50,000 profit. Any deficiency that arises, will be borne by Rehana and Jasmine equally. During the year, they earned a profit of ₹ 6,00,000. How much money has to be given to her by Rehana and Jasmine?
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 ₹ ______.
If the interest on capital is omitted, what will be the journal entry during the situation?
When the profits are guaranteed by the partners on the old profit sharing ratio, which of the following is not true?
