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ACCOUNTING FOR PARTNERSHIP FIRM-FUNDAMENTALS

EXERCISE

QUESTION7: And B are partners in a firm sharing profit in the ratio of 3 ratio 2 they had advanced to the form 30000 as a loan in the profit sharing ratio on 1st October 2018 the partnership deed is silent on interest on loan from partners compute interest payable by the firm to the partners assuming the firm closes its book every year on 31st March

SOLUTION:

QUESTION8:  X and Y our partners sharing profit and losses in the ratio of 2 ratio 3 with capital of 2 lakh and 3 lakh respectively on 1st October 2018 X and Y give loan of 80000 and 40000 respectively to the form show distribution of profit loss is for the year ended 31st March 2019 in each of the following in Alternative cases

 case 1         if the profit before interest for the year amounted to 21000

  case2         if the profit before interest for the year amounted to 3000

  case3         if the profit before interest for the year amounted to 5000

   case4        if the loss before interest for the year amounted to 1400

SOLUTION:

QUESTION9:Bat and ball are partners sharing the profits in the ratio of 2 ratio 3 with capital of 120000 and 60000 respectively on 1st October 2018 bat and ball give loan of 240000 and 120000 respectively to the form that had allowed the form to use his property of for business for a monthly rent of 5000 the losses for the year ended 31st March 2019 before rent and interest amount to 9000 show the distribution of profit loss

SOLUTION:

QUESTION10:  A and B are partners as capital is 100000 and  b capital is 60000 interest on capital is payable at the rate 6% per annum 20 to get salary of 3000 per month net profit for the year is 80000

 prepare Profit and Loss appropriation account

SOLUTION:

QUESTION11: X Y and Z are partners in a firm sharing profit in the ratio of 3:2 fixed capital of the partners where X 500000 Y 500000 and Z 250000 respectively the partners did provides the interest on capital is to be allowed @ 10% per annum that is to be allowed a salary of 2004 much profit for the form for the year ended 31st March 2018 after defeating salary was 400000

SOLUTION:

QUESTION12: x and y are partners sharing profit in the ratio of 3:2 with capital of 800000 and 6 lakh respectively interest on capital is agreed @ 5% per annum why is to be allowed and annual salary of 60000 which has not been withdrawn profit for the year ended 31st March 2019 before interest on capital but after charging by salary amounted to 240000

 a provision of 5% of the profit is to be made in respect of commission to the manager prepare an account showing and allocation of profit

SOLUTION:

QUESTION13:  Prem and Manoj are partners in a firm sharing profit in the ratio of 3:2 the partnership deed provide that frame was to be paid salary of 2500 per month and Manoj was get to a commission of 10,000 per year interest on capital was to be allowed @ 5% per annum and interest on drawing was to be charged @ 6% per annum interest on frame drawing was  e 1250 and on Manoj drawing was 425 interest on capital of the partners where 10000 and 7500 respectively the form net profit for the year ended 31st March 2019 was 19575 prepare

 Profit and Loss appropriation account of the form

SOLUTION:

QUESTION14: REEMA& Seema are partners sharing profit equally the partnership deed provide that both Ramayan Seema will get monthly salary of 15000 each interest on capital will be allowed @ 5% per annum and interest on drawing will be charged @ 10% per annum their capital where 500000 is and drawing during the year where 60000 each

 the forming incurred net loss of 1 lakh during the year ended 31st March 2019 prepare

 Profit and Loss appropriation account for the year ended 31st March 2019

SOLUTION:

QUESTION15: Bhanu and Pratap are partners sharing profits equally their fixed capital as on 1st April 2018 are and 10 lakh respectively their drawing during the year where 50000 and 100000 respectively interest on capital is a charge and is to be allowed 10% per annum and interest on drawing is to be charged @ 15% per annum net profit for the year ended 31st March 2019 was 120000

 prepare Profit and Loss appropriation account

SOLUTION:

QUESTION16: Amar and Bimal entered into partnership on 1st April 2018 contributing 150000 and 250000 respectively towards capital the partnership deed provide for interest on capital @ 10% per annum it also provides that capital accounts shall be mentioned before fixed capital account method the firm earned net profit of black for the year ended 31st March 2019

 pass the general entry for interest on capital

SOLUTION:

 QUESTION17: Kamal and Kapil are partners having fixed capital of 500000 each has 31st March 2018, introduced for the capital of 1 lakh on 31st October 2018 where as Kapil withdrawal  100000 on 1st October 2018 out of capital

 interest on capital is to be allowed @ 10% per annum

 the firm earned net profit of n capital and prepare Profit and Loss appropriation account 

SOLUTION:

QUESTION18: Simran and Reema are partners sharing profit in the ratio of 32 their capital as on 31st March 2018  where 200000 leech whereas current account head balance is of 50000 and 25000 respectively interest is to be allowed @ 5% per annum on balance is in the capital account the form and net profit of 300000 for the year ended 31st March 2019

 was the journal entry for interest on capital and distribution of profit also prepare Profit and Loss appropriation account for the year

SOLUTION:

QUESTION19:  Anita and Ankita are partners sharing profit equally their capital mentioned following fluctuating capital account method as on 31st March 2018 work 500000 and 400000 respectively partnership deed provide to allow interest on capital @ 10% per annum the form and net profit of 200000 for the year ended 31st March 2019

 pass the journal entry for interest on capital

SOLUTION:

QUESTION20:  Ashish and Akash are partners sharing profit in the ratio of 32 their capital account sold as credit balance is of 500000 and 600000 respectively as on 31st March 2019 after debit of drawing during the year of 150000 and 100000 respectively net profit for the year ended 31st March 2019 was 500000

 interest on capital is to be allowed @ 10% per annum

 pass the journal entry for interest on capital and prepare Profit and Loss appropriation account

SOLUTION:

QUESTION21: Naresh and Sukesh are partners with capital of 300000 each as on 31st March 2019 Naresh had withdrawn 50000 against capital on 1st October 2018 and also 100000 besides the drawing against capital showcase also had drawing of 1 lakh

 interest on capital is to be allowed @ 10% per annum

 net profit for the year was 200000 which is yeast yet to be e distributed

 pass the journal entries for interest on capital and distribution of profit

SOLUTION:

QUESTION22:  on 1st April 2013 Jay and Vijay Antony into partnership for supplying laboratory equipment to government schools situated in remote and backward areas they contributed capital of 80000 and 50000 respectively and agreed to share the profit in the ratio of 3 to the partnership deed provide that interest on capital shall be allowed at the rate 9% per annum in the year the firm earned a profit of 7800

 showing your calculation clearly prepare Profit and Loss appropriation account Ajay and Vijay for the for the year ended 31st March 2014

SOLUTION:

QUESTION23: Bhanu and Charu are partners in a firm Amar and Bhanu how to get an annual salary of 120000 per annum as the fully  involved in the business net profit for the year is 480000 determine the share of profit to be credited to each partner

SOLUTION:

QUESTION 24: A B and C our partners sharing profit and losses in the ratio of 2 to 21 respectively is entitled to a commission of @ 10% on the net profit net profit for the year is 110000

 determine the amount of commission payable to a

SOLUTION:

 QUESTION25: X Y and Z are partners sharing profit and losses equally as per partnership deed Zaid is entitled to a commission of 10% on a net profit after charging such Commission the net profit before charging commission is

  220000 determine the amount of commission payable to Z

SOLUTION:

 QUESTION26:a b c and d are partners in a firm sharing profit it as 4:3:2:1 respectively it is earned a net profit of 180000 for the year ended 31st March 2019 as per the partnership deed they are to charge a commission of @ 20% for the profit after charging such commission which they will share 2:3:2:3 you are required to show appropriation of profit among the partners

SOLUTION:

QUESTION 27: x and y are partners in a firm X is entitled 2A salary of 10,000 per month and commission of 10% of net profit after partner salary but before charging Commission why is entitled to a salary of 25,000 per annum commission of 10% of the net profit after charging all commission and partners salary net profit before providing for partners salary and commission for the year ended 31st March 2019 was 420000 show distribution of profit

SOLUTION:

QUESTION28: Ram and Mohan two partners drawing for their personal use 120000 and 80000 interest is chargeable @ 6% per annum for on the drawing what is the amount of interest chargeable from each partner

SOLUTION:

QUESTION 29:Brij Mohan are partners in a firm they withdraw 48000 in 36000 respectively during the year evenly in the middle of every month According to the partnership agreement interest for drawing is to be charged @ 10% per annum

 calculate interest on drawing of the partners using appropriate formula

SOLUTION:

QUESTION30: A and B are partners sharing profit equally a withdrawal regularly 4000 in the beginning of every month for six months ended 30 September 2019 calculate interest on drawing @ 5% per annum for a period of 6 months

SOLUTION:

QUESTION31: one of the partners in a partnership firm has withdrawn 9000 at the end of each quarter throughout the year calculate interest on drawing @ 6% per annum

SOLUTION:

QUESTION32: A and B are partners sharing profit equal if we draw regularly 4000 at the end of every month for 6 months and 30 September 2019 calculate interest on drawing @ 5% per annum for a period of 6 months

SOLUTION:

QUESTION33: calculate interest on drawing of Ashok @ 10% per annum for the year ended 31st March 2019 in each  of the following cases

 case 1   if we withdraw 7500 in the beginning of each

 case2    do if we withdraw 7500 at the end of each water

 case3    if we withdraw 7500 during the middle of each quarter

SOLUTION:

QUESTION 34: Gautama partners doing a dry cleaning business in Lucknow sharing profit in the ratio 21 with capital 500000 and 400000 respectively Kanika withdraw the following among during the year to pay the hotel expenses of a person

SOLUTION:

QUESTION35:  A and B are partners sharing profit and losses in the ratio of 3:2 having capital balances of 50000 and 40000 respectively on 1st April 2018 A introduced of 10000 in his additional capital where as be introduced only 1000 interest on capital is allowed to partners @ 10% per annum

 calculate interest on capital for the financial year ended 31st March 2019

SOLUTION:

QUESTION36:  Ram and Mohan are partners in a business their capital at the end of the year was 24000 and 18000 respectively during the year Ram drawing and Mohan drawings where 4000 and 6000 respectively profit before charging interest on capital during the year was 16000 calculate interest on capital @ 5% per annum for the year ended 31st March 2019

SOLUTION:

QUESTION37: following is the extract of the balance sheet of Neelkanth Mahadev as on 31st March 2019

LIABILITIES	AMOUNT	ASSETS	AMOUNT
NEELKANT CAPITAL MAHADEV CAPITAL NEELKANT CURRENT MAHADEV CURRENT PROFIT&LOSS ACCOUNT	1000000 1000000 100000 100000 800000	SUNDRY ASSETS	3000000

during the year Mahadev drawing where 30000 profit during the year and 31st March 2019 10 lakh Calculate interest on capital @ 5% per annum for the year ended 31st March 2019

SOLUTION:

QUESTION38: from the following balance sheet of long and short  calculate interest on capital @ 10% per annum for the year ended 31st March  2019 

LIABILITIES	AMOUNT	ASSETS	AMOUNT
LONG CAPITAL A/C SHORT CAPITALA/C GENERAL RESERVE	120000 140000 100000	FIXED ASSETS OTHER ASSESTS	300000 60000

SOLUTION:

QUESTION39: Moli and Boli contribute 20000 and 10000 respectively two words capital they decided to allow interest on capital @ 6% per annum their respective share of profit is 2:3 and the net profit for the year is 1500 show the distribution of profit

(I) where there is no agreement accept for interest on capital

(II) where there is an agreement that at the interest on capital as a charge.

SOLUTION:

QUESTION40: Amit and ram it started business on 1st April 2018 with capital of 15 lakh and 9 lakh respectively on 1st October 2018 they decided that their capital should be  12 lakh each the necessary adjustment in capital where made by introducing or withdrawing by cheque interest on capital is allowed @ 8% per annum compute interest on capital for the year ended 31st March 2019

SOLUTION:

QUESTION41:  Simrat and Bir are partners in a firm sharing profit and losses in the restore of 32 on 31st March 2019 after closing the books of account their capital account stood at 480000 and 600000 respectively on 1st May 2018 simrit introduce and additional capital of 120000 and we withdraw 60000 from its capital on 1st October 2018 simrit withdraw 240000 from the capital and bill introduced 3 lakh interest on capital is allowed at 6% per annum subsequently it was noticed that interest on capital @ 6% per annum has been omitted profit for the year and date 31st March 2019 amounted to 240000 and the partner drawing has been simrat 120000 and Bir 60000 compute the interest on capital if the capital area (A) fixed and (B)fluctuating

SOLUTION: