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Question
Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2018.
| May 01, 2017 | Rs 12,000 |
| July 31, 2017 | Rs 6,000 |
| September 30, 2017 | Rs 9,000 |
| November 30, 2017 | Rs 12,000 |
| January 01, 2018 | Rs 8,000 |
| March 31, 2018 | Rs 7,000 |
Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.
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Solution
Product Method
|
|
Drawings × Period |
Product |
|
01 May, 2017 to 31 March 2018 |
12,000 × 11 = |
1,32,000 |
|
31 July, 2017 to 31 March 2018 |
6,000 × 8 = |
48,000 |
|
30 September, 2017 to 31 March 2018 |
9,000 × 6 = |
54,000 |
|
30 Nov. 2017 to 31 March 2018 |
12,000 × 4 = |
48,000 |
|
01 Jan. 2018 to 31 March 2018 |
8,000 × 3 = |
24,000 |
|
31 March 2018 to 31 March 2018 |
7,000 × 0 = |
0 |
|
|
Sum of Product |
3,06,000 |
Here the formula will be
Interest on Drawings = Product × `Rate/100` x `1/2`
= 3,06,000 × `9/100 xx 1/12`
= Rs 2,295
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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;
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(iii) Interest on Capital and loan should be allowed @ 6% p.a.
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|
Sukesh |
Verma |
|
| Capital Accounts |
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40,000 |
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|
Balance Sheet as at March 31, 2017 |
|||
|
|
Amount |
|
Amount |
|
Liabilities |
Rs |
Assets |
Rs |
|
Neelkant’s Capital |
10,00,000 |
Sundry Assets |
30,00,000 |
|
Mahadev’s Capital |
10,00,000 |
|
|
|
Neelkant’s Current Account |
1,00,000 |
|
|
|
Mahadev’s Current Account |
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|
|
|
Profit and Loss Apprpriation |
|
|
|
|
(March 2017) |
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|
|
|
|
30,00,000 |
|
30,00,000 |
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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 |
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|
|
Rs |
|
February 01 |
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|
May 01 |
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|
June 30 |
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|
October 31 |
12,000 |
|
December 31 |
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How many members can be there in a partnership firm?
Guarantee of profit to a partner is given by:
Which of the following items is not dealt through Profit and Loss Appropriation Account?
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Read the following information and answer the given question:
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|
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How much amount of net profit will be transferred to the Profit and Loss Appropriation A/c?
