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प्रश्न
In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
उत्तर
Equally
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally among the partners.
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.
Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956 :
(i) A balance of the Statement of Profit and Loss.
(ii) A loan of Rs 1,00,000 payable after three years.
(iii) Short-term deposits payable on demand.
(iv) Loose tools
(v) Trademark
(vi) Land
(vii) Cash at the bank
(viii) Trade payables
In the absence of partnership agreement, interest on drawings of partners is charged :
(1) at 6% per annum
(2) at 9% per annum
(3) at 12% per annum
(4) no interest is charged
Does partnership firm has a separate legal entity? Give reason in support of your answer.
what is trial balance ?
What is a partnership deed?
The account in which banking transactions of joint venture are recorded.
What is a Computer?
Explain the role of Computer in accounting.
State whether the following statement is True or False.
Receipts and payments account is a real account.
P, Q and R were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their balance sheet on 31st March, 2022 was as follow:
| Balance sheet of P, Q and R as on 31.3.2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 48,000 | Bank | 25 000 | ||
| Bills Payable | 22,000 | Debtors | 75,000 | ||
| General Reserve | 80,000 | Stock | 2,00,000 | ||
| Profit for 2021-22 | 2,00,000 | Machinery | 3,00,000 | ||
| Capitals: | Land and Building | 10,00,000 | |||
| p | 5,00,000 | 12,50,000 | |||
| Q | 2,50,000 | ||||
| R | 5,00,000 | ||||
| 16,00,000 | 16,00,000 | ||||
On 30th June, 2022, Q died. The partnership deed provided that on the death of a partner his executors will be entitled for the following:
- Balance in his capital account.
- Interest on capital @ 6% p.a.
- His share in the profits of the firm till the date of his death calculated on the basis of last year's profit.
- His share in the goodwill of the firm calculated on the basis of the three years purchase of the average profits of last four years.
Profits for 2018-19 were ₹ 3,00,000, for 2019-20 were ₹ 4,00,000 and for 2020-21 were ₹ 1,00,000.
On 1.6.2022 Q withdrew ₹ 50,000 for meeting his medical expenses.
Prepare Q's Capital account on his death to be presented to his executors.
Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.
Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.
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.
Read the following hypothetical situation and answer question on its basis:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5:3:2. Their fixed capitals were ₹6,00,000, ₹4,00,000 and ₹2,00,000 respectively. Besides his capital Shiv had given a loan of ₹75,000 to the firm. Their partnership deed provided for the following: (i) Interest on capital @9% p.a. (ii) Interest on partner's drawings @12% p.a. (iii) Salary to Rudra ₹30,000 per month and to Dev ₹40,000 per quarter. (iv) Interest on Shiv's loan@ 9% p.a. During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
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.
