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प्रश्न
Answer in one sentence only.
In the absence of partnership deed, what is profit sharing ratio of the partners?
उत्तर
According to Indian Partnership Act, 1932, in the absence of partnership deed, the profits or losses of a firm are to be shared equally among the partners.
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संबंधित प्रश्न
Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date :
Trial Balance
as on 31.03.2016
| Debit Balances | Amount | Credit Balances | Amount |
| Opening stock | 88,000 | Capital accounts : | |
| Purchase | 1,76,000 | Shailesh | 1,20,000 |
| Wages | 23,500 | Nilesh | 1,20,000 |
| Salaries (10 months) | 18,000 | Sundry creditors | 1,03,000 |
| Office expenses | 8,000 | Bank overdraft | 60,000 |
| Bank charges | 2,600 | Sales | 3,08,000 |
| Machinery | 90,000 | Current accounts : | |
| Land and building | 1,30,000 | Shailesh | 5,000 |
| Bad debts | 4,000 | Nilesh | 4,000 |
| Sundry debtors | 82,000 | ||
| Electricity charges | 9,900 | ||
| Furniture | 43,000 | ||
| 8% Debentures (1.10.2015) | 40,000 | ||
| Drawings : | |||
| Shailesh | 3,000 | ||
| Nilesh | 2,000 | ||
| 7,20,000 | 7,20,000 |
Adjustments :
1. Stock on 31st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1st January, 2016.
A new partner is admitted in the firm for getting additional capital and skill.
Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :
Trial Balance as on 31st March, 2013
| Debit Balances | Amount | Credit Balances | Amount |
| Purchases | 1,09,000 | Sundry creditors | 45,600 |
| Insurance | 3,700 | Sales | 1,94,000 |
| Rent, rates and taxes | 14,600 | R.D.D. | 2,000 |
| Office expenses | 7,300 | Commission | 5,500 |
| Land and buildings | 3,00,000 | Capital A/c’s: | |
| Plant and machinery | 60,000 | Jaya | 2,00,000 |
| Furniture | 15,000 | Maya | 2,50,000 |
| Carriage inwards | 3,700 | Current A/c’s: | |
| Sundry debtors | 88,000 | Jaya | 3,400 |
| Stock (as on 01.04.2012) | 32,800 | Maya | 9,100 |
| Wages and salaries | 28,600 | ||
| Cash in hand | 4,700 | ||
| Cash at bank | 40,200 | ||
| Drawings A/c’s: | |||
| Jaya | 500 | ||
| Maya | 1,500 | ||
| 7,09,600 | 7,09,600 |
Adjustments :
(1) Closing stock was valued at Rs. 22,600.
(2) Purchases include purchase of furniture of Rs .10,000 made on 1st October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at 5% on sundry debtors.
From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :
|
Trial Balance as on 31st March, 2010 |
||
|
Particulars |
Debit |
Credit |
|
Sundry Debtors and Creditors Bills Receivable and Bills Payable Purchases and Sales Return Inward Salaries and Wages Carriage outward Insurance Premium Postage and Telegram Plant and Machinery Advertisement Import Duty Bad Debts Printing and Stationery Cash in Hand Leasehold Premises Opening Stock Dividend Received Outstanding Audit fees 10% Bank Loan (Taken on 1.10.2009) Capital Accounts : Sanjay Vijay |
45,800 28,200 98,500 2,000 26,000 1,800 2,200 1,750 70,000 3,000 2,100 1,000 2,400 1,850 80,000 12,000
|
72,700 40,000 1,10,000
1,500 60,000 45,000 45,000
|
|
Total |
3,78,600 |
3,78,600 |
Additional Information:
(1) Closing Stock was valued at Rs 25,000.
(2) Unused Postage Stamps of Rs 250.
(3) Uninsured goods worth Rs 8,000 were stolen from the godown.
(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.
(5) Depreciate Plant and Machinery at 10% p.a.
(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.
Answer in one sentence only.
To which account Gross Profit transferred?
Give the word / term or phrase which can substitute the following statement.
The accounts which are prepared at the end of each financial year.
Select the most appropriate alternative from those given below and rewrite the statement.
_________________ is the list of all ledger balances.
State whether the following statement is True or False.
Profit and loss account is a nominal account.
State whether the following statement is True or False.
Debit balance of Trading account shows gross profit.
State whether the following statement is True or False.
Credit balance of profit and loss account shows net profit of the business.
Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on January 01, 2015. During the year they earned a profit of Rs 30,000. According to the partnership deed both the partners are entitled to Rs 1,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs 12,000 for Tripathi, Rs 8,000 for Chauhan. Prepare Partner’s Accounts when, capitals are fixed.
Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :
Trial Balance as on 31.03.2016
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Machinery | 140000 | Capital accounts : | |
| Furniture | 80000 | Patil | 200000 |
| Coal,gas and water | 4300 | Desai | 150000 |
| Land and Building | 120000 | Sales | 330000 |
| Purchases | 232000 | Sundry creditors | 105000 |
| Postage and telegram | 2200 | Bank loan | 40000 |
| Export duty | 15500 | ||
| Wages and Salaries | 31000 | ||
| Rent and taxes | 7200 | ||
| Cash in hand | 58000 | ||
| Freight | 6200 | ||
| Prepaid rent | 3600 | ||
| Sundry debtors | 76000 | ||
| Salaries | 4200 | ||
| Opening stock | 39000 | ||
| Discount | 5800 | ||
| 825000 | 825000 |
Adjustments :
(1) Closing stock in hand was valued at ₹ 61000.
(2) Goods distributed as free samples were ₹ 3000.
(3) Outstanding salaries ₹ 900
(4) Provide reserve for doubtful debts at 5 % on sundry debtors.
(5) Depreciate machinery at 5 % p.a.
Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.
Select the most appropriate alternative from the given below and rewrite the statement.
If any asset is taken over by a partner from the firm, his capital account will be ______
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Sundry Creditors
|
7500
|
Cash at Bank
|
1500
|
|
Umesh’s Wife’s Loan
|
15000
|
Debtors 33750
|
|
|
Capital Accounts:
|
Less: R.D.D. - 3750
|
30000
|
|
|
Umesh
|
69000
|
Stock
|
67500
|
|
Prakash
|
45000
|
Machinery
|
22500
|
|
Furniture
|
15000
|
||
|
136500
|
136500
|
Satish and Pradeep are partners in a partnership firm, sharing profit and losses equally. From the following Trial Balance and Adjustment given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2013 and Balance sheet as on that date.
Balance Sheet as on 31st March 2013
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Purchases | 220000 | Partners' Capital | |
| Sundry Debtors | 45000 | Satish | 120000 |
| Discount | 4000 | Pradeep | 90000 |
| Opening stock | 25000 | Sales | 430000 |
| Wages and salaries | 23000 | Sundry Creditors | 85000 |
| Manufacturing expenses | 25500 | Discount | 3500 |
| Factory Building | 175000 | ||
| Plant and Machinery | 75000 | ||
| Advertisement (for 2 yrs w.e.f. 1.1.13) | 10000 | ||
| Salary and wages | 45000 | ||
| Cash in hand | 15000 | ||
| 10 % Govt. Bonds (purchased on 01.07.2012) | 60000 | ||
| Warehouse Rent | 6000 | ||
| 728500 | 728500 |
Adjustments :
(1) The closing stock was valued at the market price at ₹ 92000, which is 15 % above its cost price.
(2) Depreciation machinery at 10 % p.a.
(3) Outstanding wages were ₹ 2500
(4) Maintain R.D.D. at 5 % on sundry debtors.
Closing stock is valued at ______.
Accrued interest on investment will be shown
Explain how closing stock is treated in final accounts?
Which account is prepared when past adjustments are to be made?
