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Published on: 13/05/2022
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1.
From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating
| Particulars | Manoj Rs. |
Seran Rs. |
|---|---|---|
| Capital on 1st January 2018 ( Cr. balance) | 1,00,000 | 87,500 |
| Drawings during 2018 | 20,000 | 17,500 |
| Interest on drawings | 500 | 250 |
| Share of profit for 2018 | 10,500 | 8,250 |
| Interest on capital | 6,000 | 5,250 |
| Salary | 9,000 | Nil |
| Commission | Nil | 1250 |
2.
From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31st December 2017.
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital accounts: | Fixed assets | 60,000 | |
| Subha | 30,000 | Current assets | 20,000 |
| Sudha | 40,000 | ||
| P&L App A/C | 10,000 | ||
| 80,000 | 80,000 | ||
Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.
3.
Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.
4.
Arul is a partner in a partnership firm. As per the partnership deed, interest on drawing is charged at 6%p.a. During the year ended on 31st December 2018 he drew as follows.
| Date | Rs. |
|---|---|
| March 1 | 3,000 |
| June 1 | 2,000 |
| September 1 | 5,000 |
| December 1 | 4,000 |
Calculate the amount of interest on drawings under any 2 methods
5.
Durga and Preethi entered into a partnership agreement on 1st April 2018, Durga contributing Rs.50,000 and Preethi Rs.60,000 as capital. The agreement provided that:
(a) Profits and losses to be shared in the ratio 3:2 as between Durga and Preethi.
(b) Partners to be entitled to interest on capital @ 5% p.a.
(c) Interest on drawings to be charged Durga Rs.600 Velan Rs.900
(d) Durga to receive a salary Rs.10,000 for the year and
(e) Preethi to receive a commission of Rs.4,000 During the year, the firm made a profit of Rs.40,000 before adjustment of interest, salary and commission prepare the profit and loss appropriation account.
1.
| Particulars | Manoj Rs. |
Seran Rs. |
Particulars | Manoj Rs. |
Seran Rs. |
|---|---|---|---|---|---|
| To Drawing A/c | 20,000 | 17,500 | By Balance b/d | 1,00,000 | 87,500 |
| To Interest on drawings A/c | 500 | 250 | By Profit and loss appropriation A/c | 10,500 | 8,250 |
| To Balance c/d (Balancing figure) | 1,05,000 | 84,500 | By Interest on capital A/c | 6,000 | 5,250 |
| By Salary A/c | 9,000 | - | |||
| By Commission A/c | - | 1,250 | |||
| 1,25,500 | 1,02,250 | 1,02,250 | 1,02,250 | ||
| By balance b/d | 1,05,000 | 84,500 |
2.
| Particulars | Sudha Rs. |
Sudha Rs. |
|---|---|---|
| Capital on 31st December 2017 | 30,000 | 40,000 |
| Add: Drawings | 5,000 | 7,000 |
| 35,000 | 47,000 | |
| Less: Profit already credited | 15,000 | 15,000 |
| Capital on 1st January 2017 | 20,000 | 32,000 |
Calculation of interest on capital:
Subha: On opening capital = Rs.20,000 x \(\frac{6}{100}\) = Rs.1,200
Sudha: On opening capital = Rs.32,000 x \(\frac{6}{100}\) = Rs.1920
3.
(i) Interest on capital will not allowed as the partnership deed is silent as to the interest on capital.
(ii) Profit before interest on capital is 27,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{3}{100}\) = Rs.6,000
Barathi: Rs.1,00,000 x \(\frac{3}{100}\) = Rs.3,000
Computation of interest on capital:
Anusha: Rs.2,00,000 x \(\frac{5}{100}\) = Rs.10,000
Barathi: Rs.1,00,000 x \(\frac{5}{100}\) = Rs.5,000
4.
Interest on drawings = Amount of drawings x Rate of interest x Period of interest
Withdrawal on March 1= Rs.3,000 x \(\frac{6}{100}\) x \(\frac{10}{12}\) = Rs.150
Withdrawal of June 1 = ~2,000 x \(\frac{6}{100}\) x \(\frac{7}{12}\) = Rs.70
Withdrawal of September 1 = Rs.5,000 x \(\frac{6}{100}\) x \(\frac{4}{12}\) = Rs.100
Withdrawal of December 1 = Rs.4,000 x\(\frac{6}{100}\) x \(\frac{1}{12}\) = Rs.20
_______
Total interest on drawings = Rs.340
________
5.
Profit and loss appropriation accounts for the year ended 31st March 2019
| Particulars | Rs. | Rs. | Particulars | Rs. |
|---|---|---|---|---|
| To Interest on capital AI c | By Profit and loss AI c | 40,000 | ||
| Durga (50,000 x 5/100) | 2,500 | By Interest on drawings A/c | ||
| Preethi (60,000 x 5/100) | 3,000 | |||
| To Salary Durga | 10,000 | Durga | 600 | |
| To Commission to Preethi A/c | 4,000 | Preethi | 900 | |
| To Partner's capital A/c | ||||
| To Partner's capital A/c (Profit transferred) | ||||
| Durga (22,000 x 3/5) | 13,200 | |||
| Preethi (22,000 x 2/5) | 8,800 | 22,000 | ||
| 41,500 | 41,500 |
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