Advertisements
Advertisements
प्रश्न
|
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 31st March, 2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
- How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
- What will be the amount of interest on drawings of the partners?
Advertisements
उत्तर
Given:
- Profit-sharing ratio = Rudra : Dev : Shiv = 5 : 3 : 2
- Capitals:
- Rudra = ₹ 6,00,000
- Dev = ₹ 4,00,000
- Shiv = ₹ 2,00,000
- Shiv's loan = ₹ 75,000 @ 9% p.a.
- Interest on capital = 9% p.a.
- Interest on drawings = 12% p.a.
- Salary:
- Rudra = ₹ 30,000 per month
- Dev = ₹ 40,000 per quarter
- Profit before interest on Shiv's loan = ₹ 7,06,750
Step 1: Interest on Shiv's Loan
75,000 `9/100 = ₹ 6,750`
Since profit is before charging loan interest,
Net Profit = 7,06,750 − 6,750 = ₹ 7,00,000
Amount transferred to Profit & Loss Appropriation A/c = ₹ 7,00,000.
Step 2: Interest on Drawings
(A) Rudra - Withdraws ₹ 50,000 at the end of each quarter
| Quarter | Months outstanding |
| 30 June | 9 |
| 30 Sept | 6 |
| 31 Dec | 3 |
| 31 Mar | 0 |
Average period = `(9 + 6 + 3 + 0)/4 = 4.5` months
Interest = `2,00,000 xx 12% xx 4.5/12` = ₹ 9,000
(B) Dev - Withdraws ₹ 50,000 at the beginning of each half-year
- 1 April → 12 months
- 1 October → 6 months
Average period = `(12 + 6)/2 = 9` months
Interest = 1,00,000 × 12% × `9/12` ₹ 9,000
(C) Shiv - Withdraws ₹ 70,000 at the end of each half-year
- 30 Sept → 6 months
- 31 Mar → 0 months
Average period = `(6 + 0)/2 = 3` months
Interest
1,40,000 × 12% × `3/12` = ₹ 4,200
