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प्रश्न
The account in which banking transactions of joint venture are recorded.
उत्तर
Joint Bank Account
Joint Bank Account records all the cash and bank-related transactions of a joint venture. It is personal account. All transactions that raise the cash/bank balances are debited, whereas all transactions that reduce the cash/bank balances are credited.
APPEARS IN
संबंधित प्रश्न
In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
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 | ||
What is a Computer?
Expenses of Joint Venture business are debited to ______.
Explain the role of Computer in accounting.
Answer in one sentence only.
How many persons are required to form partnership business?
Answer in one sentence only.
Who is called a nominal partner?
Answer in one sentence only.
Why is a partnership deed prepared?
State whether the following statement are True or False.
If the partnership deed is silent, partners share profits and losses equally.
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 |
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to the firm. Determine the amount of loss borne by each partner for the year ended 31st March 2022 if the loss before interest for the year amounted to ₹ 2,500.
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.
Ram and Mohan were partners with fixed capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was ₹ 30,000. The amount of interest on capital was credited to each partner's current account for the year ended 31st March, 2022 was:
A partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of the Companies Act, 2013?
P, Q and R were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their balance sheet on 31st March, 2022 was as follow:
| Balance sheet of P, Q and R as on 31.3.2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 48,000 | Bank | 25 000 | ||
| Bills Payable | 22,000 | Debtors | 75,000 | ||
| General Reserve | 80,000 | Stock | 2,00,000 | ||
| Profit for 2021-22 | 2,00,000 | Machinery | 3,00,000 | ||
| Capitals: | Land and Building | 10,00,000 | |||
| p | 5,00,000 | 12,50,000 | |||
| Q | 2,50,000 | ||||
| R | 5,00,000 | ||||
| 16,00,000 | 16,00,000 | ||||
On 30th June, 2022, Q died. The partnership deed provided that on the death of a partner his executors will be entitled for the following:
- Balance in his capital account.
- Interest on capital @ 6% p.a.
- His share in the profits of the firm till the date of his death calculated on the basis of last year's profit.
- His share in the goodwill of the firm calculated on the basis of the three years purchase of the average profits of last four years.
Profits for 2018-19 were ₹ 3,00,000, for 2019-20 were ₹ 4,00,000 and for 2020-21 were ₹ 1,00,000.
On 1.6.2022 Q withdrew ₹ 50,000 for meeting his medical expenses.
Prepare Q's Capital account on his death to be presented to his executors.
Interest on Partner’s loan is credited to ______.
Amit and Iqbal are partners in a business. Their partnership deed contained the following clauses:
- Interest on drawings to be charged @ 6% per annum.
- Amit to get a salary of ₹ 1,000 per month.
- Iqbal to get an annual commission of ₹ 10,000.
- Any partner taking a loan from the firm to be charged interest on it @ 8% per annum.
| Additional Information | Amit (₹) | Iqbal (₹) |
| Drawings made on 1st May, 2022 | 30,000 | |
| Borrowed from the firm on 1st July, 2022 | 10,000 | |
| Capital Balances on 31st March, 2023 | 75,000 | 10,000 (Dr) |
| Divisible profits for the year 2022-23 credited to the Partners' Capital Accounts | 9,000 | 9,000 |
You are required to:
- Give the closing journal entry for interest on loan due from Amit.
- Find the opening capital balance of the partners on 1st April, 2022, by preparing the Partners' Capital Accounts for the year 2022-23.
