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प्रश्न
Amann, Babita and Suresh are partners in a firm. Their profit sharing ratio is 2:2:1. Suresh is guaranteed a minimum amount of Rs 10,000 as share of profit, every year. Any deficiency on that account shall be met by Babita. The profits for two years ending March 31, 2016 and March 31, 2017 were Rs 40,000 and Rs 60,000, respectively. Prepare the Profit and Loss Appropriation Account for the two years.
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उत्तर
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Profit and Loss Appropriation Account for the year ended 31st March 2016 |
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Dr. |
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Cr. |
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Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
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Profit transferred to : |
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Profit and Loss |
40,000 |
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Amann’s Capital 16,000 |
16,000 |
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Babita’s Capital (16,000 – 2,000) |
14,000 |
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Suresh’s Capital (8,000 + 2,000) |
10,000 |
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40,000 |
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40,000 |
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Profit and Loss Appropriation Account for the year ended 31st March 2017 |
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Dr. |
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Cr. |
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Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
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Profit transferred to |
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Profit and Loss |
60,000 |
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Amann’s Capital |
24,000 |
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Babita’s Capital |
24,000 |
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Suresh’s Capital |
12,000 |
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60,000 |
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60,000 |
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If a fixed amount is withdrawn on the first day of every quarter, for what period
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- Partners capital on April 1, 2019;
Simmi, Rs 30,000; Sonu, Rs 60,000; - Current accounts balances on April 1, 2016,
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| May 01, 2019 | Rs 12000 |
| July 31, 2019 | Rs 6000 |
| September 30, 2019 | Rs 9000 |
| November 30, 2019 | Rs 12000 |
| January 01, 2020 | Rs 8000 |
| March 31, 2020 | Rs 7000 |
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(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.
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(i) Partners capital on April 1, 2016;
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(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.;
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- 5% interest is to be allowed on capital;
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The following balances are extracted from the books of the firm on March 31, 2017.
|
Sukesh |
Verma |
|
| Capital Accounts |
40,000 |
40,000 |
| Current Accounts (Cr.) | 7,200 | 2,800 |
| Drawings (Cr.) | 10,850 | 8,150 |
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Pass necessary journal entries for the above transactions in the books of the firm.
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Abhay and Baldwin are partners sharing profit in the ratio 3 : 1. On 31st March 2021, the firm’s net profit is ₹ 1,25,000. The partnership deed provided interest on capital to Abhay and Baldwin ₹ 15,000 and ₹ 10,000, respectively, and interest on drawings for the year amounted to ₹ 6,000 from Abhay and ₹ 4,000 from Baldwin. Abhay is also entitled to commission @ 10% on net divisible profits. Calculate profit to be transferred to Partners Capital A/c’s.
On 1st September 2020, twenty students of Modern College started their Partnership Firm in the name of “Be Safe” for selling sanitizers on digital mode. Since they were good friends of each other, they were not having any explicit agreement in place. All of them have agreed to invest ₹15,000/- each as capital. The books were closed on 31st March 2021, on which date the following information was provided by the firm:
| 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.
Guarantee of profit to a partner is given by:
E, F and G are partners sharing profits in the ratio of 3 : 3 : 2. As per the partnership agreement, G is to get a minimum amount of ₹ 80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March 2020 amounted to ₹ 3,12,000. What will be the amount of deficiency to be borne by E?
Pick the odd one out:
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 ______.
Which of the following will not be recorded in the Current Account?
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Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
