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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, 2019. 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, 2019. 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
| Dr. | Profit and Loss Adjustment Account | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Interest on Capital A/c | 6,000 | By Profit and Loss A/c | 20,950 | ||
| Moli | 4,000 | By Interest on Drawings | 1,440 | ||
| Golu | 2,000 | Moli | 780 | ||
| To Interest on Golu’s loan A/c `(10,000xx6/100xx8/12)` | 400 | Golu | 660 | ||
| To Profit transferred to | 15,990 | ||||
| Moli’s Capital | 9,594 | ||||
| Golu’s Capital | 6,396 | ||||
| 22,390 | 22,390 | ||||
|
Dr. |
Partners’ Capital Account |
Cr. |
|||
|
Particulars |
Moli |
Golu |
Particulars |
Moli |
Golu |
|
To Drawings A/c |
12,000 |
12,000 |
By Balance b/d |
40,000 |
20,000 |
|
To Interest on Drawing A/c |
780 |
660 |
By Interest on Capital A/c |
4,000 |
2,000 |
|
To Balance c/d |
40,814 |
15,736 |
By Profit and Loss Adjustment A/c |
9,594 |
6,396 |
|
|
53,594 |
28,396 |
|
53,594 |
28,396 |
Working Note:
1) Interest on Golu’s Loan:
⇒ `10,000 xx 6/100 xx 8/12 = 400`
2) Calculation of Interest on Capital:
⇒ `"Total Capital" xx "Rate" xx "Average Period"/12`
Moli ⇒ `40,000 xx 10/100 xx 12/12` = 4,000
Golu ⇒ `20,000 xx 10/100 xx 12/12` = 2,000
3) Calculation of Interest on Drawings:
⇒ `"Total Drawings" xx "Rate" xx "Average Period"/12`
Moli ⇒ `12,000 xx (12)/(100) xx (6 1/2)/(12)` = Rs. 780
Golu ⇒ `12,000 xx (12)/(100) xx (5 1/2)/(12)` = Rs. 660
Note:
- If drawings is done at the beginning of every month, then interest on drawings is calculated of `6 1/2` months.
- If drawings is done at the ending of every month, then interest on drawings is calculated of `5 1/2` months.
- If rate of interest on loan is not given, then it will be charged always 6%.
- Interest on Partner’s Loan being a charge on profits, it to be shown as a deduction from Net Profit in Profit and Loss Appropriation Account or shown on the debit side of Profit and Loss Account.
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संबंधित प्रश्न
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|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
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E, F and G are partners sharing profits in the ratio of 3:3:2. According to 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 2021 amounted to ₹3,12,000. Calculate the amount of deficiency to be borne by E?
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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.
How you will calculate the average period and the interest on drawings when the amount is withdrawn in the middle of each month?
What would be the journal entry for the Share of Profit or Loss after appropriation?
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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?
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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 from operating activities before tax will be ₹ ______.
What will be the interest on drawing @ 12.5% p.a. for Abhishek if he withdraws ₹ 5,000 once in month?
Pick the odd one out:
|
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?
