State whether the claim is valid if the partnership deed is silent in the following cases, give reason in support of your answer: Anil and Priya are partners in a firm. Anil had advanced a loan to the firm. He claims interest @ 9% p.a. S and V are partners in a firm. S wants … Read more
Ajay, Binod and Chandra entered into partnership on 1st April 2019 with capital of ₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. In addition to capital Chandra has advanced a loan of ₹1,00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year. Ajay wanted interest on capital … Read more
A & B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31-03-2020 amounted to ₹1,60,000 and ₹1,40,000 for A and B respectively. Their drawings during the year were ₹30,000 each. As per partnership deed interest on capital @10% p.a. on opening capitals … Read more
Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their partnership deed provided the following : (i) A monthly salary of Rs. 15,000 each to Jay and Vijay. (ii) Karan was guaranteed a profit of Rs. 5,00,000 and Jay guaranteed that he will … Read more
Rajiv and Sanjeev were partners in a firm. Their partnership deed provided that the profits shall be divided as follows: First Rs. 20,000 to Rajeev and the balance in the ratio of 4:1. The profits for the year ended 31st March, 2017 were Rs. 60,000 which had been distributed among the partners. On 1-4-2016 their … Read more
Neena and Sara were partners in a firm with fixed capitals of Rs. 5,00,000 and Rs. 4,00,000 respectively. It was discovered that interest on capital @ 6% p.a. was credited to the partners for the two years ending 31st March, 2018 and 31st March, 2019 whereas there was no such provision in the partnership deed. … Read more
Ram, Mohan and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew Rs. 3,000 every month and Mohan withdrew Rs. 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary … Read more
On 31st March, 2019, the balance in the capital accounts of Asha, Nisha and Disha after making adjustments for profits and drawings were Rs. 1,50,000, Rs. 1,20,000 and Rs. 90,000 respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ … Read more
Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at Rs. 2,00,000, Rs. 1,20,000 and Rs. 1,60,000 respectively. Each partner withdrew Rs. 15,000 during the financial year 2019-20. As per the provisions of their partnership deed: (a) Interest on capital was to be allowed @ 5% per … Read more
Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. Besides her capital Geeta had given a loan of Rs. 75,000 to the firm. Their partnership deed provided for the following: (i) Interest … Read more