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प्रश्न
Samiksha, Arshiya and Divya were partners in firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April 2022, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Fund. The market value of an investment is ₹ 30,000 against the book value of ₹ 50,000. Partners have decided, not to show revised value in the balance sheet and to pass an adjusting entry for it. Which of the following is the correct treatment of the above?
विकल्प
Samiksha’s Capital A/c ... Dr. 9,000 To Arshiya’s Capital A/c 6,000 To Divya’s Capital A/c 3,000 Arshiya’s Capital A/c. Dr. 5,000 To Samiksha's Capital A/c 2,000 To Divya’s Capital A/c 3,000 Arshiya’s Capital A/c. Dr. 2,000 Divya’s Capital A/c 1,000 To Samiksha's Capital A/c 3,000 Arshiya’s Capital A/c. Dr. 6,000 Divya’s Capital A/c 3,000 To Samiksha's Capital A/c 9,000
उत्तर
| Samiksha’s Capital A/c ... Dr. | 9,000 | |
| To Arshiya’s Capital A/c | 6,000 | |
| To Divya’s Capital A/c | 3,000 |
संबंधित प्रश्न
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) Cheques in hand.
(ii) A stock of work-in-progress.
(iii) Copyrights.
(iv) Loose tools.
(v) Provision for bad debts.
(vi) The negative balance is shown by the Statement of Profit and Loss.
(vii) Bonds.
(viii) Unpaid dividend
What is meant by Partnership deed?
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Partnership Deed | (1) | Central Processing Unit |
| (b) | Excess of assets over liabilities | (2) | Purchase price plus installation charges |
| (c) | CPU | (3) | Written agreement |
| (d) | Co-venturer | (4) | Purchase price less Scrap Value |
| (e) | Cost of fixed assets | (5) | Capital |
| (6) | Partner in joint venture | ||
| (7) | Oral agreement | ||
| (8) | Liabilities | ||
Co-venturers’ liability is_________.
An account opened in the bank in a joint name of the co-venturers.
Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs. 60,000 payable in Cash Rs. 40,000 and Rs. 20,000 in the form of Debentures of a company. They shared profits and losses in the ratio of 3 : 2 : 1 respectively. Apate Rs. 30,000, Bachute Rs. 20,000, Chapate Rs. 10,000.
The following payments are made out through Joint Bank Account.
| 1. | Purchase of materials | Rs. | 25,000 |
| 2. | Payment of wages | Rs. | 7,700 |
| 3. | Purchase of plant | Rs. | 4,500 |
| 4. | Other charges | Rs. | 1,100 |
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Apate brings a truck of | Rs. | 4,000 |
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Bachute brings materials of | Rs. | 5,500 |
|
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Chapate brings a mixer worth | Rs. | 1,000 |
At the close of the venture the unused materials were taken by Apate for Rs. 500.
The truck was sold in the market for Rs. 2,200.
Chapate agreed to take over the debentures at Rs. 19,000.
| Prepare : | 1. | Joint Venture Account |
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2. | Joint Bank Account |
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3. | Co-Venturer's Account |
Answer in one sentence only.
What is Partnership?
Answer in one sentence only.
Why is a partnership deed prepared?
A partnership firm is a trading concern.
State whether the following statement are True or False.
If the partnership deed is silent, partners share profits and losses equally.
State whether the following statement is True or False.
Receipts and payments account is a real account.
The following information has been provided by M/s Achyut Health Care. You are required to calculate the amount of medicines consumed during the year 2020-21:
| Particulars | Amount(₹) |
| Stock of medicines as on April 1, 2020 | 15,00,000 |
| Creditors for medicines as on April 1,2020 | 3,50,000 |
| Stock of medicines as on March 31,2021 | 10,00,000 |
| Creditors for medicines as on March 31, 2021 | 4,20,000 |
| Cash purchases of medicines during the year 2020-21 | 2,00,000 |
| Credit purchases of medicines during the year 2020-21 | 6,00,000 |
Nirmala, Divisha and Sara were partners in firm sharing profits and losses in the 3 : 4 : 3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed, Sara's executors are entitled to her share of profit till the date of death on the basis of Sales turnover. Sales for the year ended 31st March 2021 was ₹ 10,00,000 and profit for the same year was ₹ 1,20,000. Sales show a positive trend of 20% and the percentage of profit earning is reduced by 2%.
Journalise the transaction along with the working notes.
Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹ 6,00,000; ₹ 8,00,000 and ₹ 11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹ 2,00,000 were distributed without providing for Interest on Capitals. Pass an adjustment entry and show the workings clearly.
Interest on Partner’s loan is credited to ______.
