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प्रश्न
Choose the correct sequence of the following transactions in context of Division of Profits.
- Guarantee by Firm to Partners
- Guarantee by Partners to Firm
- Transfer of Profits to Profit and Loss Appropriation Account
- Guarantee by Partner to Partner
पर्याय
(i); (iii); (iv); (ii)
(iii); (i); (ii); (iv)
(iii); (ii); (i); (iv)
(ii); (iii); (iv); (i)
उत्तर
(iii); (ii); (i); (iv)
संबंधित प्रश्न
Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for Rs 2 crores. After a year, they sold it for Rs 3 crores and shared the profits equally. Are they doing the business in partnership? Give reason in support of your answer.
Z Ltd. purchased machinery from K Ltd. Z Ltd. paid K Ltd as follows:
(i) By issuing 5,000 equity shares of Rs 10 each at a premium of 30%.
(ii) By issuing 1000, 8% Debentures of Rs 100 each at a discount of 10%.
(iii) Balance by giving a promissory note of Rs 48,000 payable after two months.
Pass necessary journal entries for the purchase of machinery and payment to K Ltd. in the books of Z Ltd.
A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1/4 of his share in favour of C. Calculate B's Sacrifice.
Suchi and Ruehl were partners in a firm sharing profits and losses equally. Throughout the year Ruchi withdrew ₹ 12,000 in the middle of each month. Interest on drawings is to be charged @ 6% p.a. as per partnership agreement. The average period for calculation of interest on drawings will be:
Abhay and Ravi were partners in a firm sharing profits and losses in the ratio 2:1. During the year, Abhay withdrew ₹6,000 in the beginning of each month. Interest on drawings is to be charged at 6% p.a. The average period for the calculation of interest on drawings will be:
Rita and Usha were partners in a firm sharing profits and losses in the ratio of 3:5, During the year Usha ‘withdrew ₹ 15,000 at the end of each month. Interest on drawings is to be charged @ 8% p.a. The average period for the calculation of interest on drawings will be ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be:
Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3 : 1. According to the partnership agreement. Raghav was guaranteed an amount of ₹ 40,000 as his share of profits. ‘The net profit for the year ended 31st March, 2022 amounted to ₹ 1,20,000.
Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.
Akhil and Nikhil were partners sharing profits and losses in the ratio of 3 : 2. Their fixed capitals ‘were ₹ 1,00,000 and ₹ 80,000 respectively. Interest on capital was agreed @ 6% p.a. Nikhil was to be allowed an annual salary o f₹ 9,200 During the year 2021-22, the net profit prior to the calculation of interest on capital but after charging Nikhil’s salary amounted to ₹1,20,000.
Prepare Profit and Loss Appropriation Account of the firm for the year ending 31st March, 2022.
P, Q and R were partners in a water dispenser manufacturing firm. They were sharing profit and losses in the ratio of 2 : 2 : 1. On 31st March, 2022, their Balance Sheet was as follows:
| Balance Sheet. of P, Q and R as on 31st March 2022 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capitals: | Plant and Machinery | 1,25,000 | ||
| P | 50,000 | 2,75,000 | Land and Building | 1,50,000 |
| Q | 1,25,000 | Debtors | 40,000 | |
| R | 1,00,000 | Stock | 35,000 | |
| General Reserve | 1,25,000 | Cash at Bank | 75,000 | |
| Sundry Creditors | 25,000 | |||
| 4,25,000 | 4,25,000 | |||
Q died on 30th June, 2022. According to the partnership deed, his legal representative were entitled to:
- Interest on capital @ 12% p.a.
- ₹ 12,000 for his share of Goodwill.
- His share of profit till the date of death was to be calculated on the basis of sales. The sales from 1st April 2022 to 30th March 2022 were ₹ 62,500. The sales and profits of the firm for the year ending 31st March 2022 was ₹ 5,00,000 and ₹ 1,25,000 representatives.
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account:
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | __(2)__ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | __(1)__ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
A and B are partners. B draws a fixed amount at the end of every quarter. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounted to ₹ 9,000. Drawings of B were ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account:
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | __(2)__ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | __(1)__ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated, will be:
