Q1: Triphati and Chauhan are partners in a company that shares profits and losses in a 3:2 ratio. As of 1 January 2005, their capital amounted to Rs 60,000 and Rs 40,000. During the year, they made a gain of 30,000 rupees. According to the partnership deed, both partners are entitled to Rs 1,000 per month in salary and 5% interest on their capital. They are also calculated an interest rate of 5% on their subscriptions, regardless of the period, which is Rs 12,000 for Tripathi, Rs 8000 for Chauhan. Prepare the partner`s accounts when the capital is defined. Answer: a) If the interest is set off on the wages of the capital and partners and the interest on the drawings on the profits, the solution will be as follows: a) if the interest on the wages of the capital and the partners and the interest on the drawings are set off against the profit, the solution will be as follows: Q3: Anubha and Kajal are partners in a company; gains and losses are divided from 2:1. Their capital was 90,000 rupees and 60,000 rupees. The profit during the year was Rs 45,000.
According to the partnership act, both partners can have a salary, Rs 700 per month anubha and Rs 500 per month in Kajal. Eligible interest rates on principal @ 5% per annum. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6500 for Kajal. On subscriptions, interest must be paid in 5% per year. Prepare the partners` capital accounts, provided that the capital balance fluctuates. Answer: a) Note: When the salaries of the partners, the interest on the capital and the interest on the draw are treated as they have already been adjusted in the income statement. The solution will be Q7: Amann, Babita and Suresh are partners in a company. Your participation rate is 2:2:1.
Suresh is guaranteed a minimum amount of Rs 10,000 per year. One of them consists of this account for lack of carry by Babita. The two-year gains that ended on December 31, 2005 and December 31, 2006 amounted to Rs 40,000 and Rs 60,000 respectively. Answer: Q26: Pinki, Deepati and Kaku are the earnings of the partners in the 5:4:1 ratio. Kaku gets a guarantee that his share in the profits of a given year would not be less than Rs 5,000. A lack, if at all, would be carried in the same way by Pinki and Deepti. The annual profit amounted to 40,000 rupees. Record the necessary journal entries in the company`s books that indicate the distribution of profits. Answer: Q6: Ram, Raj and George are partners who share the winnings in terms of 5:3:2. According to the partnership agreement, George will receive a minimum amount of Rs 10,000 each year as a winning share.
Net profit for 2006 was Rs 40,000. Create the profit and loss account. Answer: This was done intentionally to draw the students` attention to the two methods mentioned above and also compare the answer to that given in the NCERT.. . .