Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of Rs. 3,00,000, Rs. 2,00,000 and Rs. 1,00,000 respectively. In addition to capital Chandra has advanced a loan of Rs. 1,00,000. Since they had no agreement to guide them, they faced following issues during and at...

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 Rs. 1,60,000 and Rs. 1,40,000 for A and B respectively. Their drawings during the year were Rs. 30,000 each. As per partnership deed interest on...

A and B were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March, 2017 were : A Rs. 60,000 and B Rs. 80,000. They agreed to allow interest on capital @ 12% p.a. The profit of the firm for the year ended 31st March, 2018 before...

Sonu and Rajat started a partnership firm on April 1, 2017. They contributed Rs.  8,00,000 and Rs.  6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3 : 2. The partnership deed provided that Sonu was to be paid a salary of Rs. ...

The capital accounts of Alka and Archana showed credit balances of Rs. 4,00,000 and Rs. 3,00,000 respectively, after taking into account drawings and net profit of Rs. 2,00,000. The drawings of the partners during the year 2018 – 19 were: (i) Alka withdrew Rs. 10,000 at the end of each...

Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4:3:3. Their fixed capitals on 1st April, 2018 were Rs.  9,00,000, Rs.  5,00,000 and Rs.  4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of Rs.  80,000 to the firm. As per the partnership...

Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their Fixed Capitals Stood at Rs. 1,00,000, Rs. 50,000 and Rs. 50,000 respectively.   As per the provisions of partnership deed,  (i) Partners were entitled to an annual salary of Rs. 20,000 each.  (ii) Interest on Capital @ 10% p.a. was to...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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...

Arun and Barun were partners sharing profits in the ratio of 3 : 2. Their capitals were ₹50,000 and ₹30,000 respectively. Partnership deed provided for interest on capital @ 6% p.a. to Arun and Barun and quarterly salary of ₹1,000 to Barun. Arun had given a loan of ₹1,00,000 on...

A, B and C were partners in a firm sharing profits and losses equally. Their respective capitals were ₹10,00,000, ₹9,00,000 and ₹8,00,000. The partnership deed provided for the following: (1) Interest on capital @ 9% per annum. (2) Interest on drawings @ 12% per annum. (3) Interest on partner’s loan...

Akhil and Nikhil were partners sharing profits and losses in the ratio of 3:2. Their fixed capitals were ₹1,00,000 and ₹80,000 respectively. Interest on capital was agreed @ 6% p.a. Nikhil was to be allowed an annual salary of ₹9,200. During the year 2021-22, the net profit prior to the...

Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were ₹50,000 and ₹1,00,000 respectively. After the accounts for the financial year ending March 31, 2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to Cheese @ ₹5,000 per...

On 31st March, 2019, the balance in the capital accounts of Asha, Nisha and Disha after making adjustments for profits and drawings were ₹1,50,000, ₹1,20,000 and ₹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...

Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at ₹2,00,000, ₹1,20,000 and ₹1,60,000 respectively. Each partner withdrew ₹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%...

P, Q and R were partners in a firm sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10% p.a. The drawings of P, Q and R during the year ending 31st March, 2020 amounted to ₹20,000, ₹30,000 and ₹50,000...

Raman, Manan and Naman were partners sharing profit in the ratio of 2 : 1 : 1. Raman withdrew ₹3,000 every month and Manan withdrew ₹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,...

Ananya, Bhavi and Chandni were partners in a firm with capitals of ₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. According to the provisions of the partnership deed: (i) Ananya and Chandni were each entitled to a monthly salary of ₹1,500. (ii) Bhavi was entitled to a salary of ₹4,000 per annum. The...

P, Q and R were partners with fixed capital of ₹40,000, ₹32,000 and ₹24,000. After distributing the profit of ₹48,000 for the year ended 31st March 2022 in their agreed ratio of 3 : 1 : 1, it was observed that: (1) Interest on capital was provided at 10% p.a....

A, B and C were partners in a firm. On 1st April, 2018 the balance in their capital accounts stood at ₹8,00,000, ₹6,00,000 and ₹4,00,000 respectively. As per the provisions of the partnership deed, partners were entitled to interest on capital @ 5% p.a., salary to B ₹3,000 per month...

W, X and Y were partners sharing profits and losses in the ratio of 2 :2:1. X was guaranteed a profit of ₹10,00,000. The firm earned a profit of ₹17,50,000 for the year ended 31st March, 2020. Prepare the Profit and Loss Appropriation Account of W, X and Y for...

Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6 : 4 : 1. Kamolika is guaranteed a minimum amount of ₹3,00,000 as her share in profits. The firm earned a net profit of ₹22,00,000 for the year ended 31st March 2022. Prepare Profit and Loss Appropriation...

Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2 :3: 1. According to the partnership agreement, Raghav was guaranteed an amount of ₹40,000 as his share of profits. The net profit for the year ended 31st March, 2022 amounted to ₹1,20,000. Prepare Profit...

Amay, Anmol and Rohan entered into partnership on 1st July, 2021 to share profits and losses in the ratio of 3:2:1. Amay guaranteed that Rohan’s share of profit after charging interest on capital @ 6% p.a would not be less than ₹36,000 p.a. Their fixed capital balances are: ₹2,00,000, ₹1,00,000...

Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹6,00,000; ₹8,00,000 and ₹11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹2,00,000 were distributed...

Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were ₹1,20,000 and ₹80,000 respectively. On 1st December, 2021, they decided that the total capital of the firm should be ₹3,00,000 to be contributed by...

Mohan, Sohan, and Suresh were partners in a firm sharing profits in the ratio of 2:2:1. Suresh was guaranteed a profit of ₹70,000. Any deficiency on account of guarantee to Suresh was to be borne by Mohan and Sohan in 3:2 ratios. The profit of the firm for the year...

On 01.04.2022, Ravi, Kavi and Avi started a partnership firm with fixed capitals of ₹6,00,000, ₹6,00,000 and ₹3,00,000 respectively. The partnership deed provided for the following: Interest on capital @ 10% per annum. Interest on drawings @ 12% per annum. An annual salary of ₹1,20,000 to Avi. Profits and losses...

Sharma and Verma were partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were ₹14,00,000 and ₹10,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @ 10% per annum. (ii) Interest on drawings @ 12% per annum. During the...

P and Q were partners in a firm sharing profits and losses in the ratio of 2: 1. On 01.04.2022, they admitted R as a new partner for 1/10th share of profits with a guaranteed minimum of ₹50,000. P and Q continued to share profits as before but agreed to...

Mohan, Suhaan and Adit were partners in a firm sharing profits and losses in the ratio of 3:2:1. Their fixed capitals were: Rs. 2,00,000, Rs. 1,00,000 and Rs. 1,00,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their accounts @ 8% p.a. instead of...

Manoj and Nitin were partners in a firm sharing profits and losses in the ratio of 2:1. On 31st March, 2023, the balances in their capital accounts after making adjustments for profits and drawings were Rs. 90,000 and Rs. 80,000 respectively. The net profit for the year ended 31st March,...

Misha and Prisha were partners in a firm sharing profits and losses in the ratio of 3:2.  On 1st April, 2022, their capital accounts showed balances of Rs. 50,000 and Rs. 30,000 respectively. During the year, Misha withdrew Rs. 12,900 while Prisha withdrew Rs. 9,600. They were allowed interest on...

On 31st March, 2023, the capitals of Raghav and Diya stood at Rs. 4,00,000 and Rs. 3,00,000 respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ 10% p.a. had been omitted. The Net Profit for the year ended...

Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were Rs. 4,00,000 and Rs. 2,00,000 respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 6% p.a., as provided in the partnership...

Chaman, Burman and Aman were partners in a firm sharing profits and losses in the ratio of 3:2:1. Aman was guaranteed a minimum amount of Rs. 60,000 as his share of profit every year.    The net profit for the year ended 31st March, 2023 amounted to Rs. 1,20,000.  Pass...

Anand, Ridhi and Shyam were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their fixed capitals were Rs. 1,00,000, Rs. 60,000 and Rs. 40,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their capital accounts @ 9% p.a instead...

Jatin, Keshav and Lalit were partners in a firm with fixed capitals of ₹ 1,20,000, ₹ 1,00,000 and ₹ 80,000 respectively. As per the partnership deed, there was a provision for allowing interest on capitals @ 10% p.a., but entries for the same had not been made for the last...

Meera, Neena and Ojas were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Meera, Neena and Ojas during the year ended 31st March, 2023 amounted to...