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प्रश्न
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
उत्तर
| S. No. | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 1. | Kamali's Salary A/c ...Dr. | 10,000 | - | |
| To Kamali's Capital A/c | - | 10,000 | ||
| (Kamali's salary transferred to his capital A/c) | ||||
| 2. | Lakshmi's commission A/c ...Dr. | 40,000 | - | |
| To Lakshmi's capital A/c | - | 40,000 | ||
| (Lakshmi's commission transferred to his capital A/c) | ||||
| 3. | Profit and Loss Appropriation A/c ...Dr. | 50,000 | - | |
| To Kamali's salary A/c | - | 10,000 | ||
| To Lakshmi's commission A/c | - | 40,000 | ||
| (Salary and Commission account Transferred) |
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संबंधित प्रश्न
When fixed capital method is adopted by a partnership firm, which of the following items will appear in the capital account?
What is meant by the fixed capital method?
Arun and Selvam are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.
| Particulars | Arun ₹ |
Selvam ₹ |
| Capital on 1st January, 2018 | 2,20,000 | 1,50,000 |
| Current account on 1st January, 2018 | 4,250 (Dr.) | 10,000 (Cr.) |
| Additional capital introduced during the year | Nil | 70,000 |
| Withdrew for personal use | 10,000 | 20,000 |
| Interest on drawings | 750 | 600 |
| Share of profit for 2018 | 22,000 | 15,000 |
| Interest on capital | 1,100 | 750 |
| Commission | 6,900 | Nil |
| Salary | Nil | 6,850 |
From the following information, prepare capital accounts of partners Padmini and Padma, when their capitals are fluctuating.
| Particulars | Padmini ₹ |
Padma ₹ |
| Capital on 1st January 2018 (Cr. balance) | 5,00,000 | 4,00,000 |
| Capital on 1st January 2018 (Cr. balance) | 70,000 | 40,000 |
| Interest on drawings | 2,000 | 1,000 |
| Share of profit for 2018 | 52,000 | 40,000 |
| Interest on capital | 30,000 | 24,000 |
| Salary | 45,000 | Nil |
| Commission | Nil | 21,000 |
Janani, Kamali, and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
Janani, Kamali and Lakshmi are partners in a firm sharing profits and losses equally. As per the terms of the partnership deed, Kamali is allowed a monthly salary of ₹ 10,000 and Lakshmi is allowed a commission of ₹ 40,000 per annum for their contribution to the business of the firm. You are required to pass the necessary journal entry. Assume that their capitals are fluctuating.
