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प्रश्न
The capital accounts of Moli and Golu showed balances of Rs 40,000 and Rs 20,000 as on April 01, 2016. They shared profits in the ratio of 3:2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a. Golu advanced a loan of Rs 10,000 to the firm on August 01, 2016. During the year, Moli withdrew Rs 1,000 per month at the beginning of every month whereas Golu withdrew Rs 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments was Rs 20,950. Calculate interest on drawings show distribution of profits and prepare partner’s capital accounts.
उत्तर
Interest on Moli’s Drawing = Total Drawings × `"Rate"/100` x `13/[2 xx 12]`
= 12,000 x `12/100 xx 13/[2 xx 12]`
= Rs 780
Interest on Golu’s Drawings = Total Drawing × `"Rate"/100` x `11/[2 xx 12]`
= 12,000 x `12/100 xx 11/[2 xx 12]`
= Rs 660
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Profit and Loss Adjustment Account |
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Dr. |
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Cr. |
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Particulars |
Amount Rs |
Particulars |
Amount Rs |
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Interest on Capital : |
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Profit and Loss Account |
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20,950 |
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Moli |
4,000 |
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Interest on Drawings : |
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Golu |
2,000 |
6,000 |
Moli |
780 |
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Golu |
660 |
1,440 |
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Interest on Partner’s Loan |
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Golu’s {10,000 × (6/100) × (8/12)} |
400 |
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Profit transferred to : |
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Moli’s Capital {15,990 ×(3/5)} |
9,594 |
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Golu’s Capital {15,990 ×(2/5)} |
6,396 |
15,990 |
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22,390 |
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22,390 |
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Partners’ Capital Account |
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Dr. |
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Cr. |
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Particulars |
Moli |
Golu |
Particulars |
Moli |
Golu |
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Drawings |
12,000 |
12,000 |
Balance b/d |
40,000 |
20,000 |
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Interest on Drawing |
780 |
660 |
Interest on Capital |
4,000 |
2,000 |
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Balance c/d |
40,814 |
15,736 |
Profit and Loss Adjustment |
9,544 |
6,396 |
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53,594 |
28,396 |
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53,594 |
28,396 |
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संबंधित प्रश्न
If a fixed amount is withdrawn on the first day of every quarter, for what period
the interest on total amount withdrawn will be calculated?
Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were Rs 80,000 and Rs 60,000 respectively. The firm started business on April 1, 2016. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of Rs 2,000 and Rs 3,000, respectively.
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| May 01, 2019 | Rs 12000 |
| July 31, 2019 | Rs 6000 |
| September 30, 2019 | Rs 9000 |
| November 30, 2019 | Rs 12000 |
| January 01, 2020 | Rs 8000 |
| March 31, 2020 | Rs 7000 |
Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.
Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were Rs 80,000 and Rs 60,000 respectively. The firm started business on April 1, 2016. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of Rs 2,000 and Rs 3,000, respectively.
The profits for year ended March 31, 2017 before making above appropriations was Rs 1,00,300. The drawings of Ramesh and Suresh were Rs 40,000 and Rs 50,000, respectively. Interest on drawings amounted to Rs 2,000 for Ramesh and Rs 2,500 for Suresh. Prepare Profit and Loss Appropriation Account and partners’ capital accounts, assuming that their capitals are fluctuating.
Harish is a partner in a firm. He withdrew the following amounts during the year 2017 :
|
|
Rs |
|
February 01 |
4,000 |
|
May 01 |
10,000 |
|
June 30 |
4,000 |
|
October 31 |
12,000 |
|
December 31 |
4,000 |
Interest on drawings is to be charged @ 7.5 % p.a.Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2017.
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Calculate the ratio in which the profits would be appropriated.
How you will calculate the average period and the interest on drawings when the amount is withdrawn in the middle of each month?
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| S. No. | Particulars | Amount (₹) |
| 1. | Gain on sale of fixed tangible assets | 12,50,000 |
| 2. | Goodwill written off | 7,80,000 |
| 3. | Transfer to General Reserve | 8,75,000 |
| 4. | Provision for taxation | 4,37,500 |
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| Prepaid Expenses | 7,50,000 | 5,00,000 |
| Inventory | 10,50,000 | 8,20,000 |
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