Q3.
Weak, Able and Lazy
are in partnership sharing profits and losses in the ratio 2:1:1. It is agreed
that interest on capital will e allowed @ 10% per annum and interest on
drawings will be charged @8% per annum.(No interest will be charged/allowed on
current accounts).
The following are the
particulars of the capital and drawings Accounts of the partners:
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Weak
Rs.
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Able
Rs.
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Lazy
Rs.
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Capital (1.1.2016)
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75,000
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40,000
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30,000
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|
Current account (1.1.2016)
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10,000
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5,000
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(Dr.) 5,000
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Drawings
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15,000
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10,000
|
10,000
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The draft accounts for 2016 showed a net
profit of Rs. 60,000 before taking into account interest on capitals and
drawings and subject to following rectification of errors:
(a)Life Insurance
premium of weak amounting to Rs.750 paid by the firm on 30th june,2016
has been charged to miscellaneous expenditure A/c.
(b) Repairs of
machinery amounting to Rs.10,000 has been debited to plant account and
depreciation thereon charged @20%.
(c)Travelling
expenses of Rs.3,000 of able for a pleasure trip to U.K. paid by the firm on 30th
june,2016 has been debited to travelling expenses account.
You are required to
prepare the profit and loss appreciation account, current accounts of partners
weak, able and lazy for the year ended
31st December,2016.
see in detail
Q4.
Ram and Rahim are in
partnership sharing profits and losses in the ratio of 3:2. As, Ram, on account
of his advancing years,feels he cannot work as hard as before, the chief clerk
of the firm, Ratan, is admitted as a partner with effect from 1st
January,2016, and becomes entitled to 1/10th of the net profits and
nothing else, the mutual ratio between Ram and Rahim remaining unaltered.
Before becoming a
partner, Ratan was getting a salary of Rs.500 p.m together with a commission of
4% on the net profits after deducting his salary and commission.
It is provided in the
partnership deed that thee share of Ratan’s profits as a partner in excess of
the amount to which he would have been entitled if he had continued as the
chief clerk,should be taken out of Ram’s share of profits.
The net profit of the
year ended December 31,2016 is Rs.1,10,000. Show the distribution of net profit
amongst the partners.
see in detail
Q5.
X and Y are partners. As per terms of agreement interest is allowed on
capital at 8% p.a. and charge on drawing at 10% p.a. X withdrew Rs.40,000 pm at
the end of each month and Y withdrew Rs.1,20,000 at the end of each quarter.
You are required to fill the missing figures in the following accounts:
Profit and Loss Appreciation Account for the year ended March 31, 2017
|
Particulars
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Rs.
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Particulars
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Rs.
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To...?
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By profit and loss
A/c(Net profit)
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?
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To Interest on
capital A/c
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By interest on
Drawing A/c
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X 1,60,000
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X ?
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?
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Y ?
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2,88,000
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Y ?
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To profit
transferred to capital A/c
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X(2/3)
?
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Y(1/3) 2,80,000
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?
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?
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Partner’s Capital Accounts
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Particulars
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X
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Y
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Particulars
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X
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Y
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To...?
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?
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?
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By ....?
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?
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?
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To...?
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?
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?
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By Salary A/c
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3,60,000
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?
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To...?
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?
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?
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By.....?
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?
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By.....?
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?
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?
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?
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?
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?
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?
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see in detail
