1. Fundamentals New Questions Apr._16.ppt

S.S. COACHING CENTRE (REGD.)
Ph.: 25520578, 25614692, 9810209603
Website: www.sscoachingcentre.com; e-mail: - info@sscoachingcentre.com (1)
FUNDAMENTALS OF
PARTNERSHIP

Ph.: 25520578, 25614692, 9810209603
Profit and Loss Appropriation A/c
SOLUTION 16
Particulars ` Particulars `
To Interest on Capital:
Jay 7,800 × 8/13 = 4,800
Vijay 7,800 × 5/13 = 3,000
7,800
By Net Profit 7,800
7,800 7,800

Ph.: 25520578, 25614692, 9810209603
Working Note
Interest on Capital of Jay = 80,000 × 9/100
= 7,200
Interest on Capital of Vijay = 50,000 × 9/100
= 4,500
Jay : Vijay
7,200 : 4,500
8 : 5

Ph.: 25520578, 25614692, 9810209603
Calculation of Capital in Beginning
Particulars A B C
Capital at end
Add: Drawings
Less: Profits
1,50,000
24,000
1,74,000
(20,000)
2,10,000
24,000
2,34,000
(40,000)
2,70,000
24,000
2,94,000
(60,000)
Total 1,54,000 1,94,000 2,34,000
SOLUTION 69
Interest on Capital 15,400 19,400 23,400

Ph.: 25520578, 25614692, 9810209603
Working Note
Interest on Drawings of Ekta = 24,000 × 5/100 × 6/12
= 600
Interest on Drawings of Ankit = 24,000 × 5/100 × 6/12
= 600
Interest on Drawings of Chahat = 24,000 × 5/100 × 6/12
= 600

Ph.: 25520578, 25614692, 9810209603
Table Showing Adjustment
Particulars Ekta Ankit Chahat Firm
Dr. Cr Dr. Cr. Dr. Cr. Dr. Cr.
Profit wrongly
credited
Interest on capital
credited
Interest on
drawings debited
Profit distributed
in 1 : 2 : 3
20,000
----
600
----
-----
15,400
----
10,600
40,000
-----
600
----
-----
19,400
----
21,200
60,000
-----
600
----
-----
23,400
----
31,800
-----
58,200
----
63,600
1,20,000
-----
1,800
----
Total 20,600 26,000 40,600 40,600 60,600 55,200 1,21,800 1,21,800
---- 5,400
Cr.
---- ---- 5,400
Dr.
---- ---- ----

Ph.: 25520578, 25614692, 9810209603
Journal Entry
Date Particulars L.F. Dr. Cr.
Chahat Capital A/c Dr.
To Ekta
5,400
5,400

Ph.: 25520578, 25614692, 9810209603
Table Showing Adjustments
SOLUTION 68
Particulars Saroj Mohinder Umar Firm
Dr. Cr Dr. Cr. Dr. Cr. Dr. Cr.
Interest on capital
credited @ 10%
Interest on
drawings debited @
5%
Loss distributed in
4 : 3 : 1
----
550
8,200
6,400
----
----
----
550
6,150
5,400
----
----
----
900
2,050
6,600
----
----
18,400
----
----
----
2,000
16,400
Total 8,750 6,400 6,700 5,400 2,950 6,600 18,400 18,400
2,350
Dr.
---- 1,300
Dr.
---- ---- ---- ---- ----

Ph.: 25520578, 25614692, 9810209603
Journal Entry
Saroj A/c Dr.
Mohinder A/c Dr.
To Umar A/c
2,350
1,300
3,650

Ph.: 25520578, 25614692, 9810209603
Calculation of Opening Capital
Particulars Saroj Mohinder Umar
Closing Capital
Add: Drawings
Less: Profits
80,000
24,000
1,04,000
(40,000)
60,000
24,000
84,000
(30,000)
40,000
36,000
76,000
(10,000)
Opening Capital 64,000 54,000 66,000
Interest on Capital @ 10% 6,400 5,400 6,600

Ph.: 25520578, 25614692, 9810209603
Working Notes
Interest on drawings:
Suraj = 24,000 × 5/100 × 11/24
= 550
Mohinder = 24,000 × 5/100 × 11/24
= 550
Umar = 36,000 × 5/100 × 6/12
= 900

Ph.: 25520578, 25614692, 9810209603
JOURNAL
SOLUTION 84
Ankur A/c Dr.
Bobby A/c Dr.
Rohit A/c Dr.
To Profit and Loss A/c
4,80,000
3,20,000
2,00,000
10,00,000
Ankur A/c Dr.
Bobby A/c Dr.
To Rohit A/c
3,20,000
80,000
4,00,000

Ph.: 25520578, 25614692, 9810209603
WORKING NOTE
Deficiency = 2,00,000 – (2,00,000)
4,00,000
3,20,000
Ankur
3,20,000
Bobby

Ph.: 25520578, 25614692, 9810209603

1. Fundamentals New Questions Apr._16.ppt

More Related Content

More from rituchawla967

Recently uploaded

1. Fundamentals New Questions Apr._16.ppt