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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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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 |
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| March 31, 2020 | Rs 7000 |
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How many members can be there in a partnership firm?
What would be the journal entry for the Share of Profit or Loss after appropriation?
If the interest on drawings is omitted to be recorded, what will be the journal entry?
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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 ______.
Where is the Interest in drawings recorded in the Current Account?
Which of the following will not be recorded in the Current Account?
The Journal Entry to transfer interest on capital to Profit and Loss Appropriation Account would be:
When the profits are guaranteed by the partners on the old profit sharing ratio, which of the following is not true?
|
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:
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What will the amount of interest on drawings of the partners?
