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प्रश्न
Deb, Riza and Ved entered into a partnership on 1st July, 2023, without any agreement as to profit sharing, except that Deb guaranteed that Ved’s share of profit, after considering interest into account, would not be less than ₹ 8,500 per annum. The initial capital provided by the partners was as follows:
| Deb | ₹ 60,000 |
| Riza | ₹ 20,000 |
| Ved | 12,000 (increased on the following 1st January, 2024, to ₹ 16,000) |
In addition to the above capital, Deb and Riza gave temporary loans to the partnership firm as follows:
- Deb advanced ₹ 18,000 on 1st October, 2023, and was repaid on 1st April following.
- Riza advanced ₹ 40,000 on 1st September, 2023, and was repaid along with interest, on 1st December, 2023.
The profit of the firm for the year ended 31st March, 2024, before providing for any interest was ₹ 21,000.
You are required to prepare for the year 2023-24:
- Profit and Loss Appropriation Account.
- Riza’s Loan Account.
- Ved’s Capital Account.
उत्तर
| Dr. | Profit & Loss Appropriation Account for the year ending 31st March, 2024 | Cr. | |||
| Particulars | (₹) | (₹) | Particulars | (₹) | (₹) |
| To Deb’s Capital A/c | 6,620 | 4,740 | By Profit & Loss A/c | 21,000 | |
| (1,880) | Less: Interest on Loan | 1,140 | |||
| To Riza’s Capital A/c | 6,620 | Deb | 540 | ||
| To Ved’s Capital A/c | 6,620 | 8,500 | Riza | 600 | |
| 1,880 | |||||
| 19,860 |
19,860 |
||||
Working Notes:
Interest on loan:
Deb = `18,000 xx 6/100 xx 6/12` = ₹ 540
Riza = `40,000 xx 6/100 xx 3/12` = ₹ 600
| Riza’s Loan Account | |||||
| Date | Particulars | Amount (₹) | Date | Particulars | Amount (₹) |
| 1.12.2023 | To Bank | 40,600 | 1.9.2023 | By Bank A/c | 40,000 |
| 1.12.2023 | By Interest on Loan | 600 | |||
| 40,600 | 40,600 | ||||
| Ved’s Capital Account | |||||
| Date | Particulars | Amount (₹) | Date | Particulars | Amount (₹) |
| 31.3.2024 | To Balance c/d | 24,500 | 1.7.2023 | By Bank A/c | 12,000 |
| 1.1.2024 | By Bank A/c | 4,000 | |||
| 31.3.2024 | By P/L Appropriation A/c | 6,620 | |||
| 31.3.2024 | By Deb’s Capital | 1,880 | |||
| 24,500 | 2,500 | ||||
APPEARS IN
संबंधित प्रश्न
E and F were partners in a firm sharing profits in the ratio of 7:3. On 1-4-2014 they admitted G as a new partner for 1/5th share in the profit with a guaranteed profit of Rs.60,000. The new profit sharing ratio between E and F will remain the same but they agreed to bear any deficiency on account of guarantee to G in the ratio of 3:7. The profit of the firm for the year ended 31-3-2015 was Rs.2,70,000.
Prepare Profit and Loss Appropriation Account of E, F and G for the year ended 31-3-2015.
P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of Rs. 75,000. The new profit sharing ratio between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was Rs. 4,00,000.
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015.
Usha and Uma were partners in a firm sharing profits in the ratio of 3:2. On 1-4-2014 they admitted Urmila as a new partner with 1/5th share in the profits with a guaranteed profit of Rs 30,000. The new profit sharing ratio between Usha and Uma will remain the same but they agreed to bear any deficiency on account of guarantee to Urmila in the ratio of 7:3. The profit of the firm for the year ended 31-3-2015 was Rs 1, 35,000.
Prepare Profit and Loss Appropriation Account of Usha, Uma and Urmila for the year ended 31-3-2015.
Moli, Bhola and Raj were partners in the firm sharing profits and losses in the ratio of 3 : 3: 4. Their partnership deed provided for the following:
1) Interest on capital @ 5% p.a.
2) Interest on drawing @ 12% p.a
3) Interest on partners' loan @ 6% p. a.
4) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement. Their fixed capitals were Moli: Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1st April 2016, Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31st March 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31st March 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.
On 1.4.2013, Brij and Nandan entered into a partnership to construct toilets in government girls schools in the remote areas of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, the firm earned a profit of Rs 2,00,000
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014
Singh and Gupta decided to start a partnership firm to manufacture low-cost jute bags as plastic bags were creating many environmental problems. They contributed capitals of Rs 1,00,000 and Rs 50,000 on 1st April 2012 for this. Singh expressed his willingness to admit Shakti as a partner without capital, who is specially abled but a very creative and intelligent friend of his. Gupta agreed to this. The terms of the partnership were as follows :
1) Singh, Gupta and Shakti will share profits in the ratio of 2:2:1.
2) Interest on capital will be provided @ 6% p.a.
Due to the shortage of capital, Singh contributed Rs 25,000 on 30th September 2012 and Gupta contributed Rs 10,000 on 1st January 2013 as additional capital. The profit of the firm for the year ended 31st March 2013 was Rs 1,68,900.
a. Identify any two values which the firm wants to communicate to the society.
b. Prepare Profit and Loss Appropriation Account for the year ending 31st March 2013.
Puneet and Raju are partners in a clay toys making firm. Their capitals were ₹ 5,00,000 and ₹ 10,00,000 respectively. The firm allowed Puneet to get a commission of 10% on the net profit before charging any commission and Raju to get a commission of 10% on the net profit after charging all commissions. Following is the Profit and Loss Appropriation Account for the year ended 31st March 2022.
| Dr. | Profit and Loss Appropriation Account for the year ended 31st March 2022 |
Cr. | |
| Particulars | Amount (₹) |
Particulars | Amount (₹) |
| To Puneet’s Capital A/c (Commission) (------ x 10/100) |
44,000 | By Profit and Loss A/c | ______ |
| To Raju’s Capital A/c (Commission) |
______ | ||
| To Profit share transferred to:- | |||
| Puneet’s Capital A/c | ______ | ||
| Raju’s Capital A/c | ______ | ||
| ______ | ______ | ||
Raju’s commission will be ______.
Puneet and Raju are partners in a clay toys making firm. Their capitals were ₹ 5,00,000 and ₹ 10,00,000 respectively. The firm allowed Puneet to get a commission of 10% on the net profit before charging any commission and Raju to get a commission of 10% on the net profit after charging all commissions. Following is the Profit and Loss Appropriation Account for the year ended 31st March 2022.
| Dr. | Profit and Loss Appropriation Account for the year ended 31st March 2022 |
Cr. | |
| Particulars | Amount (₹) |
Particulars | Amount (₹) |
| To Puneet’s Capital A/c (Commission) (------ x 10/100) |
44,000 | By Profit and Loss A/c | ______ |
| To Raju’s Capital A/c (Commission) |
______ | ||
| To Profit share transferred to:- | |||
| Puneet’s Capital A/c | ______ | ||
| Raju’s Capital A/c | ______ | ||
| ______ | ______ | ||
Puneet’s share of profit will be ______.
Amay, Anmol, and Rohan entered into a partnership on 1st July 2021 to share profits and losses in the ratio of 3:2:1. Amay guaranteed that Rohan’s share of profit after charging interest on capital @ 6% p.a would not be less than ₹ 36,000 p.a. Their fixed capital balances are: ₹ 2,00,000, ₹ 1,00,000 and ₹ 1,00,000 respectively. Profit for the year ended 31st March, 2022 was ₹1,38,000. Prepare Profit and Loss Appropriation A/c.
Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were Rs. 50,000 and Rs. 1,00,000 respectively. After the accounts for the financial year ending March 31, 2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to Cheese @ ₹ 5,000 per annum, as provided in the partnership deed has notbeen credited to the partners’ capital accounts before distribution of profits.
You are required to give necessary rectifying entries using P & L adjustment account.
