P and Q were partners in a company that shared profits and losses. Their fixed capital was ₹ 2,00,000 and ₹ ₹ 3,00,000 respectively. The company deed provided for an interest rate on the capital of 12% per year. For the year ended March 31, 2016, the Company`s profits were distributed without interest on the principal. Pass the customization entry required to resolve the error. P, Q&A entered into a partnership on April 1, 2015 to share profits and losses at a ratio of 12:8:5. It was expected that R`s share of the profit would in no case be less than ₹30,000 per year. The gains and losses for the period up to March 31 were as follows: profit 2015-₹16₹1,20,000 profit 2016-₹17₹1,80,000; 2017-18 Loss ₹ 1.20.000. Submit required journal entries in the company`s books. A and B are partners who share the benefits in a ratio of 3: 2.
C was admitted for 1/6 pro rata profit with a guaranteed minimum amount of ₹ 10,000. At the end of the first financial year, the company made a profit of ₹54,000. Find out how much of the A, B and C profits receive. A, B and C share profits and losses in partnership at a ratio of 4:2:1. It was expected that C`s share of profit for one year would not be less than ₹7,500. Profit for the year ended March 31, 2018 was ₹31,500. You are required to indicate the donation among the partners. The profit and loss credit account is not required. The profits of a partnership for the year ended March 31, 2017 were divided equally between the partners Pankaj and Anu, without allowing interest on the capital. The interest due on the principal was 3,000 Pankaj- and 1,000.17 Anu-₹. When will the Partnerships Act come into force? (A) if there is no company title (B), if there is a company deed but there are differences of opinion between the partners (C) if the capital contribution of the partners varies (D) if the salary and interest on the capital of the partner are not included in the company deed 26. Which of the following cannot be recognised in the profit and loss transfer? (A) Interest on capital (B) Interest on subscriptions (C) Rent paid to partners (D) Salary of partner Bat and Ball are partners who share profit at a ratio of 2:3 with a capital of ₹ 1,20,000 and ₹ 60,000 respectively.
On October 1, 2017, Bat and Ball granted Lonas ₹2,40,000 and ₹1,20,000 respectively. Bat had allowed the company to use his property for a monthly rent of ₹5,000 for business. The loss for the out of 31. March 2018 ending the year before rent and interest amounted to ₹ 9,000. See the distribution of profits / losses. 121. X and Y are associated. X receives a fixed amount at the beginning of each month. Default interest will be charged at 8% per annum. At the end of the year, interest on X`s prints is ₹2,600.
A`s subscriptions were: (A) 8,000 pp.m. (B) 7,000 pp.m. (C) 6,000 pp.m. (D) 5,000 pp.m. 1. In the absence of an agreement, the partners are not entitled to: A, B and C are partners who share the profits and losses in the ratio of A 1/2, B 3/10, C 1/5, after interest @ 5% on their respective capital has been provided, namely A ₹ 50,000; B ₹ 30,000 and C ₹ 20,000 and grants B and C a salary of ₹ 5,000 per year each. In the fiscal year ending March 31, 2018, A drew ₹10,000 and B and C in addition to their salaries ₹2,500 and ₹1,000 respectively. The income statement for year 31. The year ending March 2018 reported a net profit of ₹45,000 before (a) interest on principal and (b) partners` salaries were charged. As of 1 April 2017, the current account balances of Partners A (cr.) amounted to ₹4,500; B (Cr.) ₹ 1,500 and C (Cr.) ₹ 1,000.
No interest is charged on subscriptions or current account balances. Consult the capital and current accounts of the partners as of March 31, 2018 after sharing the profit in accordance with the partnership agreement. Kanika and Gautam are partners that operate dry cleaning in Lucknow and share profits in a 2:1 ratio with capital of ₹5,00,000 and ₹4,00,000 respectively. Kanika deducted the following amounts during the year to pay her son`s hostel fee: 37. Which of the following are recognised in a partnership`s income statement? (A) Interest on capital (B) Salary to partner (C) Transfer to reserve (D) All 24 above. In the absence of an agreement, the partners are not entitled to: (A) Salary (B) Commission (C) Equal share of profit (D) Both (a) and (b) Amar and Bimal entered into a partnership on 1 April 2017, which contributes ₹ 1,50,000 and ₹ 2,50,000 for the capital. The company deed provided for an interest rate on the capital of 10% per year. It also provided for the holding of capital transfer accounts using the investment account method.
The Company posted a net profit of ₹1,000,000 for the year ended March 31, 2018. Pass the journal entry for capital interest. Explanation: Depending on the relationship between the principal and the agent, P is both principal and agent for the company and for Q&A. Under this rule, any profit made by an agent (P) from the use of the corporation`s property is attributable to the corporation. 114. P, Q and R are partners in a 3:2:1 partnership. R is guaranteed to receive at least ₹20,000 each year as profit sharing. The company`s profit was ₹90,000.
Partners received: (A) P ₹40,000; Q ₹30,000; R20,000; (b) P ₹42,500; Q ₹27,500; R20,000; (c) P ₹45,000; Q ₹30,000; R ₹15,000; (d) P ₹ 42,000; Q ₹28,000; R20,000; Naresh and Sukesh are partners with a capital of ₹ 3,00,000 each (as of March 31, 2018). Naresh had withdrawn ₹ 50,000 against capital on October 1, 2017 and also ₹ 1,000,000 in addition to the draws against capital. Sukesh also had subscriptions of ₹1,00,000. Capital interest must be allowed at 10% per annum. The net profit for the year was ₹2,00,000, which has not yet been distributed. Transmit journal entries for interest on capital and profit distribution.gbn knnk j 25. Capital interest will be paid to shareholders if provided for in the deed of company, but only from: (C.S. Foundation; December 2012) (A) Profits (B) Reserves (C) Accumulated profits (D) Goodwill A, B and C are partners of a company. Their success rate is 2:2:1.C a minimum amount of ₹10,000 is guaranteed as a share of profits per year. Any defect resulting from this amount will be dealt with by B. Profits for the two years ending March 31, 2017 and 2018 were ₹40,000 and ₹60,000 respectively. 7.
The relationship of the partner with the firm is that of: (A) an owner (B) an agent (C) an owner and an agent (D) Manager A and B have been partners since 1 April 2017, without a company deed, and they have introduced capital of ₹ 35,000 and ₹ 20,000 respectively. On 1 October 2017, A granted the company a loan of ₹8,000 without an interest agreement. The income statement for year 31. The March 2018 financial year posted a profit of ₹15,000, but the partners cannot agree on the payment of interest and on the basis of profit sharing. You need to divide the winnings by indicating the reasons for your method. 47. Ram and Shyam are partners in a 3:2 ratio. Before the distribution of profits, Ram is entitled to a commission of 5% of the net profit (after calculating such a commission). Before the commission was collected, the company`s profit was ₹42,000. Shyam`s share of the profit is: (A) ₹16,000 (B) ₹24,000 (C) ₹26,000 (D) ₹16,400 33. A partner introduced ₹additional capital at the beginning of the year and granted the company a loan of ₹40,000. .