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प्रश्न
Amit and Iqbal are partners in a business. Their partnership deed contained the following clauses:
- Interest on drawings to be charged @ 6% per annum.
- Amit to get a salary of ₹ 1,000 per month.
- Iqbal to get an annual commission of ₹ 10,000.
- Any partner taking a loan from the firm to be charged interest on it @ 8% per annum.
| Additional Information | Amit (₹) | Iqbal (₹) |
| Drawings made on 1st May, 2022 | 30,000 | |
| Borrowed from the firm on 1st July, 2022 | 10,000 | |
| Capital Balances on 31st March, 2023 | 75,000 | 10,000 (Dr) |
| Divisible profits for the year 2022-23 credited to the Partners' Capital Accounts | 9,000 | 9,000 |
You are required to:
- Give the closing journal entry for interest on loan due from Amit.
- Find the opening capital balance of the partners on 1st April, 2022, by preparing the Partners' Capital Accounts for the year 2022-23.
उत्तर
i.
| Journal Entry | ||||
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| 2023 31st Mar. | Interest on Amit's Ioan A/c ...Dr. | 600 | ||
| To Profit & Loss A/c | 600 | |||
| (Being closing entry for interest on Amit's loan) | ||||
Calculation on Interest on Amit's loan:
`10,000xx8/100xx9/12` = ₹ 600
ii.
| Dr. | Partners' Capital Accounts for the year ended on 31st March 2023 |
Cr. | |||
| Particulars | Amit (₹) | Iqbal (₹) | Particulars | Amit (₹) | Iqbal (₹) |
| To Drawings A/c | - | 30,000 | By Balance b/d (balancing figure) | 54,600 | 2,650 |
| To Interest on Drawings A/c `(30,000xx6/12xx11/12)` | - | 1,650 | By P/L Appropriation A/c | 9,000 | 9,000 |
| To Interest on loan from Firm | 600 | - | By Amit's Salary A/c | 12,000 | - |
| By Iqbal's Commission A/c | - | 10,000 | |||
| To Balance c/d | 75,000 | - | By Balance c/d | - | 10,000 |
| 75,600 | 31,650 | 75,600 | 31,650 | ||
Thus, The opening capital balances of Amit and Iqbal as on 1st April 2022 are:
Amit: ₹ 54,600
Iqbal: ₹ 2,650
APPEARS IN
संबंधित प्रश्न
Naveen, Seerat and Hina 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.2,00,000; Rs.3,00,000 and Rs.6,00,000 respectively. After the floods in Uttaranchal, all partners decided to help the flood victims personally. For this Naveen withdrew Rs.10,000 from the firm on 1st September; 2012. Seerat, instead of withdrawing cash from the firm took blankets amounting to Rs.12,000 from the firm and distributed to the flood victims. On the other hand, Hina withdrew Rs.2,00,000 from her capital on 1st January, 2013 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 that the partners wanted to communicate to the society.
what is trial balance ?
Physical devices of computer system are known as ____________.
Answer in one sentence only.
How many persons are required to form partnership business?
State whether the following statement are True or False.
Partnership agreement must be in written form.
State whether the following statement are True or False.
If the partnership deed is silent, partners share profits and losses equally.
In the absence of an agreement, partners are entitled to:
- Profit share in capital ratio.
- Commission for making additional sale.
- Interest on Loan & Advances by them to the firm.
- Salary for working extra hours.
- Interest on Capital.
The fixed capital accounts of Shiv, Azeem and Angad, sharing profits and losses in the ratio of 2 : 2 : 1, stood at ₹ 4,00,000, ₹ 6,00,000 and ₹ 2,00,000 respectively.
The accounts for the year ended 31st March, 2022, were drawn up and closed and the Current Account balances of the partners were determined to be:
Shiv ₹ 35,000, Azeem ₹ 40,000 and Angad ₹ 25,000.
Subsequently, the following errors were discovered on 1st April, 2022:
- Interest on capital @ 10% per annum had been allowed to the partners, although there was no provision for it in the partnership deed.
- Salary of ₹ 16,000 per annum to Shiv and ₹ 20,000 per annum to Azeem was not allowed to them, despite a provision for salary in the partnership deed.
- Commission of ₹ 24,000 was not allowed to Angad, despite a provision for commission in the partnership deed.
You are required to prepare the adjusted Current Accounts of the partners on 1st April, 2022, to rectify the lapse in accounting.
