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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.
उत्तर
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they regarded as the co-owners. This is because Partnership requires the partners to conduct the business on a regular basis and share the profits from the same whereas in this case, this is a one-time activity.
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संबंधित प्रश्न
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:
Mohan, Sohan and Suresh were partners in a firm sharing profits in the ratio of 2:2:1. Suresh was guaranteed a profit of ₹ 70,000. Any deficiency on account of guarantee to Suresh was to be borne by Mohan and Sohan in 3:2 ratio. The profit of the firm for the year ended 31.3.2022 amounted to ₹ 2,00,000.
Prepare Profit and Loss Appropriation Account of the firm for the year ended 31.3.2022.
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 ______.
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.
Amit, Sumit and Kiara are partners sharing profits and Losses in the ratio 2: 2: 1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is ₹ 9,20,000. The amount of commission payable to Sumit will be ______.
Sonali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of 2: 2: 1. On 31st March, 2022 their Balance Sheet was as follows:
Balance Sheet of Sonali, Sohan and Shivain as on 31st March, 2022.
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capitals Accounts: | Land and Building | 6,00,000 | ||
| Sonali | 4,00,000 | 12,00,000 | Plant and Machinery | 5,00,000 |
| Sohan | 4,00,000 | Debtors | 1,60,000 | |
| Shivani | 4,00,000 | Stock | 1,40,000 | |
| General Reserve | 1,00,000 | Cash in hand | 1,20,000 | |
| Creditors | 3,60,000 | Cash at Bank | 1,80,000 | |
| Bills Payable | 40,000 | |||
| 17,00,000 | 17,00,000 |
Sohan died on 30th June, 2022. According to Partnership Deed, his executors were entitled to:
- interest on capital @12% p.a.
- His share of goodwill which was ₹ 48,000.
-
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 June, 2022 were ₹ 2,50,000. The sales and profits of the firm for the year ending 31st March, 2022 were ₹ 20,00,000 and ₹ 5,00,000 respectively.
Prepare Sohan’s Capital Account to be presented to his executors.
A, B and C were partners in a printer manufacturing firm. They were sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as follows:
| Balance Sheet of A, B and C as on 31st March, 2022 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capitals: | Land and Building | 3,00,000 | ||
| A | 1,50,000 | 5,50,000 | Plant and Machinery | 2,50,000 |
| B | 2,00,000 | Debtors | 80,000 | |
| C | 2,00,000 | Stock | 70,000 | |
| General Reserve | 2,50,000 | Cash in hand | 60,000 | |
| Creditors | 30,000 | Cash at Bank | 90,000 | |
| Bills Payable | 20,000 | |||
| 8,50,000 | 8,50,000 | |||
B died on 30th June, 2022. According to the partnership deed, his legal representatives are entitled to:
- ₹ 24,000 for his share of Goodwill.
- Interest on capital @ 12% p.a.
- His share of profit till the date of death calculated on the basis of sales. The sales from 1st April, 2022 to 30th June, 2022 were ₹ 1,25,000. The sales and profits of the firm for the year ending 31st March, 2022 were ₹ 10,00,000 and ₹ 2,50,000 respectively.
Prepare B's Capital Account to be rendered to his legal representatives.
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:
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 80,000; ₹ 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 provide that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital 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:
