Advertisements
Advertisements
प्रश्न
Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
- Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
- Bala has withdrawn ₹ 3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
- Akash demands the profit to be shared in the capital ratio. But, others do not agree.
- Daniel demands salary at the rate of ₹ 10,000 per month as he spends full time for the business.
- Loan advanced by Chandru to the firm is ₹ 50,000. He demands interest on loan @ 12% per annum.
उत्तर
- No interest on capital is payable to any partner.
- No interest is chargeable on drawings made by the partner.
- Profit should be distributed equally.
- No remuneration is payable to any partner.
- Interest on loan is payable at 6% per annum.
APPEARS IN
संबंधित प्रश्न
Which of the following is the incorrect pair?
The capital account of Begum and Fatima on 1st January, 2018 showed a balance of ₹ 50,000 and ₹ 40,000 respectively. On 1st October, 2018, Begum introduced an additional capital of ₹ 10,000 and on 1st May, 2018 Fatima introduced an additional capital of ₹ 9,000.
Calculate interest on capital at 4% p.a. for the year ending 31st December, 2018.
From the following balance sheets of Subha and Sudha who share profits and losses in 2 : 3, calculate interest on capital at 5% p.a. for the year ending 31st December, 2018.
Balance sheet as on 31st December, 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Fixed assets | 70,000 | ||
| Subha | 40,000 | Current assets | 50,000 | |
| Sudha | 60,000 | 1,00,000 | ||
| Current liabilities | 20,000 | |||
| 1,20,000 | 1,20,000 |
Drawings of Subha and Sudha during the year were ₹ 8,000 and ₹ 10,000 respectively. Profit earned during the year was ₹ 30,000.
From the following balance sheets of Rajan and Devan who share profits and losses 2 : 1, calculate interest on capital at 6% p.a. for the year ending 31st December, 2018.
Balance sheet as on 31st December, 2018
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Sundry assets | 2,20,000 | ||
| Rajan | 1,00,000 | |||
| Devan | 80,000 | 1,80,000 | ||
| Profit and loss appropriation A/c | 40,000 | |||
| 2,20,000 | 2,20,000 |
On 1st April, 2018, Rajan introduced an additional capital of ₹ 40,000 and on 1st September, 2018, Devan introduced ₹ 30,000. Drawings of Rajan and Devan during the year were ₹ 20,000 and ₹ 10,000 respectively. Profit earned during the year was ₹ 70,000.
Ahamad and Basheer contribute ₹ 60,000 and ₹ 40,000 respectively as capital. Their respective share of profit is 2 : 1 and the profit before interest on capital for the year is ₹ 5,000. Compute the amount of interest on capital in each of the following situations:
- if the partnership deed is silent as to the interest on capital
- if interest on capital @ 4% is allowed as per the partnership deed
- if the partnership deed allows interest on capital @ 6% per annum.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹ 30,000 on 1st September 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December 2018 and show the journal entries by assuming that fluctuating capital method is followed.
Mani is a partner, who withdrew ₹ 30,000 on 1st September 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December 2018 and show the journal entries by assuming that the fluctuating capital method is followed.
Mani is a partner who withdrew ₹ 30,000 on 1st September 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December 2018 and show the journal entries by assuming that the fluctuating capital method is followed.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that the fluctuating capital method is followed.
