Advertisements
Advertisements
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) |
APPEARS IN
संबंधित प्रश्न
When fixed capital method is adopted by a partnership firm, which of the following items will appear in the capital account?
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.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
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.
Mani is a partner, who withdrew ₹ 30,000 on 1st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.
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.
