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प्रश्न
Arvind and Anand are partners sharing profits and losses in the ratio 8 : 3 : 1 Balances in their capital accounts on April 01, 2019 were, Arvind- Rs. 4,40,000 and Anand Rs. 2,60,000. As per their agreement, partners were entitled to interest on capital @ 5% p.a., and interest on drawings was to be charged @ 6% p.a. Arvind was allowed an annual salary of Rs. 35,000/- for the additional responsibilities taken up by him. Partners drawings for the year were, I Arvind Rs. 40,000 and Anand Rs. 28,000. Profit and loss account of the firm for the year ending March 31, 2020 showed a Net Loss of Rs. 32,400. Prepare Profit and Loss Appropriation Account.
उत्तर
|
Dr. |
Profit and Loss Appropriation A/c |
Cr. |
||
|
Particulars |
₹ |
Particulars |
|
₹ |
|
To P& L – Loss |
32,400 |
By Interest on drawings |
||
|
Arvind |
1,200 |
2040 | ||
|
Anand |
840 |
|||
|
By loss t/fd to |
||||
|
Arvind |
22,770 |
30,360 | ||
|
Anand |
7,590 |
|||
|
32,400 |
|
32,400 |
||
No salary and interest on capital will be allowed in case of loss.
Interest on drawings:
Arvind = 40,000 × 6/100 × 6/12 = Rs. 1,200
Anand = 28,000 × 6/100 × 6/12 = Rs. 840
APPEARS IN
संबंधित प्रश्न
From the following Trial Balance of M/s Sanjay and Keshav, 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 after taking into account the following additional information:
Trial Balance as on 31st March, 2013
| Debit Balances | Amount (Rs.) | Credit Balances | Amount (Rs.) |
| Opening stock | 180000 | Sales | 525000 |
| Bills receivable | 80000 | Rent | 22000 |
| Purchase | 240000 | Bills payable | 78000 |
| Bad debts | 20000 | Sundry creditors | 100000 |
| Salary and wages | 24000 |
Capital account Sanjay Keshav |
500000 300000 |
| Discount | 9000 | ||
| Carriage inward | 12000 | ||
| Travelling expenses | 13000 | ||
| Cash in hand | 38000 | ||
| Furniture | 280000 | ||
| Insurance | 12000 | ||
| Land and building | 400000 | ||
| Postage and telegram | 7000 | ||
| Sundry debtors | 210000 | ||
| 1525000 | 1525000 |
Additional information:
- Insurance paid in advance Rs. 3,000.
- Depreciation provided on furniture at 10%.
- Salary and wages outstanding Rs. 6,000.
- Rent received in advance Rs. 5,000.
- Closing stock as on 31.03.2013 Rs. 2,00,000.
From the following Trial Balance of M/s Sanjay and Keshav, 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 after taking into account the following additional information:
| Trial Balance as on 31st March 2013 | |||
| Debit Balances | Amount (Rs.) | Credit Balances | Amount (Rs.) |
| Opening stock | 1,80,000 | Sales | 5,25,000 |
| Bills receivable | 80,000 | Rent | 22,000 |
| Purchase | 2,40,000 | Bills payable | 78,000 |
| Bad debts | 20,000 | Sundry creditors | 1,00,000 |
| Salary and wages | 24,000 | Capital account: | |
| Discount | 9,000 | Sanjay | 5,00,000 |
| Carriage inward | 12,000 | Keshav | 3,00,000 |
| Travelling expenses | 13,000 | ||
| Cash in hand | 38,000 | ||
| Furniture | 2,80,000 | ||
| Insurance | 12,000 | ||
| Land and building | 4,00,000 | ||
| Postage and telegram | 7,000 | ||
| Sundry debtors | 2,10,000 | ||
| 15,25,000 | 15,25,000 | ||
Additional information:
- Insurance paid in advance Rs. 3,000.
- Depreciation provided on furniture at 10%.
- Salary and wages outstanding Rs. 6,000.
- Rent received in advance Rs. 5,000.
- Closing stock as on 31.03.2013 Rs. 2,00,000.
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.
Answer in one sentence only.
To which account Gross Profit transferred?
Answer in one sentence only.
In the absence of partnership deed, what is profit sharing ratio of the partners?
Give the word / term or phrase which can substitute the following statement.
The statement showing list of all ledger balances.
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.
Kajol and Sunny were partners sharing profits and losses in the ratio of 3:2. The following Balances were extracted from the books of account for the year ended March 31, 2015.
|
Account Name |
Debit Amount Rs |
Credit Amount Rs |
|
Capital |
|
|
|
Kajol |
|
1,15,000 |
|
Sunny |
|
91,000 |
|
Current accounts [on 1-04-2005*] |
|
|
|
Kajol |
|
4,500 |
|
Sunny |
3,200 |
|
|
Drawings |
|
|
|
Kajol |
6,000 |
|
|
Sunny |
3,000 |
|
|
Opening stock |
22,700 |
|
|
Purchases and Sales |
1,65,000 |
2,35,800 |
|
Freight inward |
1,200 |
|
|
Returns |
2,000 |
3,200 |
|
Printing and Stationery |
900 |
|
|
Wages |
5,500 |
|
|
Bills receivables and Bills payables |
25,000 |
21,000 |
|
Discount |
400 |
800 |
|
Salaries |
6,000 |
|
|
Rent |
7,200 |
|
|
Insurance premium |
2,000 |
|
|
Traveling expenses |
700 |
|
|
Sundry expenses |
1,100 |
|
|
Commission |
|
1,600 |
|
Debtors and Creditors |
74,000 |
78,000 |
|
Building |
85,000 |
|
|
Plant and Machinery |
70,000 |
|
|
Motor car |
60,000 |
|
|
Furniture and Fixtures |
15,000 |
|
|
Bad debts |
1,500 |
|
|
Provision for doubtful debts |
|
2,200 |
|
Loan |
|
25,000 |
|
Legal expenses |
300 |
|
|
Audit fee |
900 |
|
|
Cash in hand |
7,500 |
|
|
Cash at bank |
12,000 |
|
|
|
5,78,100 |
5,78,100 |
Prepare final accounts for the year ended March 31,2015, with following adjustments:
(a) Stock on March 31,2015 was Rs37,500.
(b) Bad debts Rs3,000; Provision for bad debts is to be made at 5% on debtors
(c) Rent Prepaid were Rs1,200.
(d) Wages outstanding were Rs 2,200.
(e) Interest on capital to be allowed on capital at 6% per annum and interest on drawings to be charged @ 5% per annum.
(f) Kajol is entitled to a Salary of Rs 1,500 per annum.
(g) Prepaid insurance was Rs 500.
(h) Depreciation was charged on Building, @ 4%; Plant and Machinery, @ 5%; Motor car, @ 10% and furniture and fixture, @ 5%.
(i) Goods worth Rs 7,000 were destroyed by fire on January 20,2015. The Insurance company agreed to pay Rs 5,000 in full settlement of the claim.
*As per the question, this year should be 01-04-2014
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.
Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.
A prepayment of insurance premium will appear in ______.
Net profit is ______.
Accrued interest on investment will be shown
What is the need for preparing final accounts?
Which account is prepared when past adjustments are to be made?
