Pg no Sample Clauses

Pg no. ▇▇▇▇, ▇▇▇▇▇ and Lotus start business with capital of ₹ 2,00,000/-, ₹ 3,00,000/- and ₹4,00,000 on 1st April 2019. Lotus is entitled to a salary of ₹ 50,000 per annum. Interest is allowed on capitals at 12% p.a. and is charged on drawings at 12% per annum. Profits are to be distributed in the ratio 1:2:3 after the above-mentioned adjustments. Rose was given guarantee of minimum profit of ₹ 50,000 by Lotus. Partners drawings during the year were Rose ₹ 40,000/- Lilly ₹ 30,000/- Lotus ₹ 20,000/-. Lotus had paid ₹ 10,000/- as tuition fees of his son on 31st March 2020, which was wrongly debited to salaries account. The profit for the year 2019-20 before allowing interest on capital and charging interest on drawings and salary paid to Lotus was ₹3,34,600/-. Assuming the capitals to be fixed, prepare the Profit and Loss Appropriation Account and the Capital and Current Accounts relating to the partners. CA ▇▇▇▇▇ ▇▇▇▇ INTRODUCTION TO PARTNERSHIP ACCOUNTS PRACTICE QUESTIONS

Pg no. A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admit C for 1/6th share in profits and guaranteed that his share of profits will not be less than ₹ 250,00,000. Total profits of the firm for the year ended 31st March, 2023 were ₹ 900,00,000. Calculate share of profits for each partner when:

Pg no. ▇▇▇, ▇▇▇▇▇ and ▇▇▇▇▇ are partners in a firm. They have no agreement in respect of profit- sharing ratio, interest on capital, interest on loan advanced by partners and remuneration payable to partners. In the matter of distribution of profits they have put forward the following claims:

Pg no. A and B started business on 1st January, 2023, with capitals of ₹ 30,000 and ₹ 20,000. According to the Partnership Deed, B is entitled to a salary of ₹ 500 per month and interest is to be allowed on capitals at 6% per annum. The remaining profits are to be distributed amongst partners in the ratio of 5:3. During 2023 firm earned profit, before charging salary to B & interest on capital amounting ₹ 25,000. During year A & B withdrew ₹ 8,000 & ₹ 10,000 for domestic purposes. Pass Journal entries relating to division of Profit and Prepare P&L Appropriation A/c & Capital Accounts. Question 3

Pg no. On 1st April, 2020, X, Y and Z enter into partnership introducing capital of ₹80,000, ₹50,000 and ₹50,000 respectively. They agree to share Profits and Losses equally. At the end of the accounting year on 31st March, 2021, X claims that he be paid interest on his additional Capital of ₹30,000 @ 10% per annum, while Z demands salary of ₹600 per month for the extra hours devoted by him daily at the shop. The partnership deed is silent on these matters. Decide the matters with reasons. Question 4

Pg no. A, B and C are partners in a firm. On 1st April 2019 their fixed capital stood at ₹ 50,000, ₹ 25,000 and ₹ 25,000 respectively. As per the provision of partnership deed:

Pg no. 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 ₹40,000 pm at the end of each month and Y withdrew ₹ 120,000 at the end of each quarter. You are required to fill the missing figures in following accounts: CA ▇▇▇▇▇ ▇▇▇▇ INTRODUCTION TO PARTNERSHIP ACCOUNTS To …? ? By Profit and Loss A/c ( Net profit) ? To Interest on Capital A/c X 160,000 Y ? 2,88,000 By Interest on Drawings A/c X ? Y ? ? To Profit tfd to Capital A/c X (2/3) ? Y (1/3) 280,000 ? ? ? To ….? ? ? By ….? ? ? To ….? ? ? By Salary A/c 3,60,000 Nil To ….? ? ? By ….? ? ? By ….? ? ? ? ? ? ? Question 6 A, B and C entered into partnership on 1.1.2021 to share profits and losses in the ratio of 5 : 3

Pg no. A and B formed a partnership with a capital contribution of ₹ 50,000 and ₹30,000 respectively on 1st January 2023. The profits were to be shared in the capital ratio. Calculate the capital ratio on the basis of following details: Capital Introduced Capital Withdrawn A B A B

Pg no. Ram and Rahim started business with capital of ₹ 50,000 and ₹ 30,000 on 1st January, 2023. ▇▇▇▇▇ is entitled to a salary of ₹ 400 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year Ram withdrew ₹ 8,000 and Rahim withdrew ₹ 10,000. The profit for the year before allowing for the terms of the Partnership Deed came to ₹ 30,000. Assuming Fixed capitals, Prepare Profit & Loss Appropriation Account and Capital & Current Accounts of the partners