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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.
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Mickey, Tom, and Jerry were partners in the ratio of 5 : 3 : 2. On 31st March 2021, their books reflected a net profit of ₹ 2,10,000. As per the terms of the partnership deed, they were entitled to interest on capital which amounted to ₹ 80,000, ₹ 60,000 and ₹ 40,000, respectively. Besides this, a salary of ₹ 60,000 each was payable to Mickey and Tom.
Calculate the ratio in which the profits would be appropriated.
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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 |
Calculate the amount of profits to be transferred to Profit and Loss Appropriation Account.
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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 ______.
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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 1st December 2020 one of the partners of the firm introduced additional capital of ₹30,000 and also advanced a loan of ₹40,000 to the firm. Calculate the amount of interest that Partner will receive for the current accounting period.
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Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as ______.
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Read the following hypothetical situation and answer the following question on its basis:
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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. |
How much amount of net profit will be transferred to the Profit and Loss Appropriation A/c?
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Read the following hypothetical situation and answer the following question on its basis:
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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?
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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?
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Name the Act that provides for the maximum number of partners in a partnership firm. What is the maximum number of partners that a partnership firm can have?
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Why should assets and liabilities be revalued on the reconstitution of a partnership firm? Explain briefly giving examples.
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What is meant by ‘Reconstitution of a partnership firm’
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Rajeev, Sanjeev and Jatin were partners in a firm manufacturing blanket. They were sharing profits in the ratio of 5 : 3: 2. Their capitals on 1st April, 2012 were Rs 1,00,000, Rs 2,00,000 and Rs 4,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally.
For this, Rajeev withdrew Rs 10,000 from the firm on 1st October 2012. Sanjeev instead of withdrawing cash from the firm took blankets amounting to Rs 14,000 from the firm and distributed those to the flood victims. On the other hand, Jatin withdrew Rs 1,50,000 from his capital on 31st December 2012 and set up a centre to provide medical facilities in the flood affected area.
The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society.
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From the following information compute 'Proprietary Ratio'
| Rs | |
| Long-Term Borrowings | 2,00,000 |
| Long-Term Provision | 1,00,000 |
| Current Liabilities | 50,000 |
| Non-Current-Assets | 3,60,000 |
| Current -Assets | 90,000 |
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Joy Ltd. company bought a Building for ₹ 9,00,000 and the consideration was paid by issuing 10% Debentures of the normal (face) value of ₹ 100 each at a discount of 10%.
Give Journal entries.
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Reliance Ltd. purchased machinery costing ₹ 1,35,000 . It was agreed that the purchase consideration be paid by issuing 9% Debentures of ₹ 100 each . Assume debentures have been issued
(i) at par and
(ii)at a discount of 10%.
Give necessary journal entries.
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Star Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Moon Ltd. for ₹ 6,00,000. Give necessary Journal entries in the books of Star Ltd. assuming that:
Case (a): The purchase consideration was payable 10% in cash and the balance in 5,400; 12% Debentures of ₹ 100 each.
Case (b): The purchase consideration was payable 10% in cash and the balance in 4,500; 12% Debentures of ₹ 100 each issued at 20% premium.
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R Ltd. purchased the assets of S Ltd. for ₹5,00,000. It also agreed to take over the liabilities of S Ltd. amounted to ₹ 2,00,000 for a purchase consideration of ₹2,80,000 . The payment of S Ltd. was made by issue of 9% Debentures of ₹ 100 each at par.
Pass necessary journal entries in the books of R Ltd.
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Which of the following does not result into reconstitution of a firm?
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Revaluation of assets at the time of reconstitution is necessary because their present value may be different from their ______.
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