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Answer

Bala and Rajan are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 5,00,000 and ₹ 4,00,000 respectively. Pass the necessary Journal entry or entries and show the distribution of profit or loss for the year ended 31sst March 2023 by preparing relevant accounts in each of the following cases:

Solution:-

Anurag Pathak
April 15, 2023

Sumant and Rumant Contribute ₹ 8,00,000 and ₹ 4,00,000 respectively as capitals on which they agree to allow interest @ 6% p.a. They are to share profits in the ratio of 3 : 2. Net Profit for the year is ₹ 60,000.

Solution:-

Anurag Pathak
April 14, 2023

Calculate interest on Capital and on Current Accounts @ 5% p.a. from the following Balance Sheet as at 31st March 2023 of Anu and Bobby:

Solution:-

Anurag Pathak
April 14, 2023

Emm and Ell are partners having fixed capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. The opening balances in their current accounts were: Emm – ₹ 1,00,000 (Cr.) and Ell – ₹ 1,00,000 (Dr.)

Solution:-

Anurag Pathak
April 14, 2023

Gee and Ess are partners having fixed capitals of ₹ 3,00,000 each. They have opening credit balances of ₹ 1,00,000 and ₹ 2,00,000 respectively in the Current Accounts

Solution:-

Anurag Pathak
April 14, 2023

From the following Balance Sheet of Sujata and Swati, Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023:

Solution:-

Anurag Pathak
April 14, 2023

From the following Balance Sheet of Arun and Barun and Additional information, Calculate interest on capital @ 6% p.a. payable to Barun for the year ended 31st March 2023:

Solution:-

Anurag Pathak
April 14, 2023

Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively. During the year 2022-23, Ram’s and Mohan’s drawings were ₹ 40,000 and ₹ 60,000 respectively. Profit (before charging interest on capital) during the year was ₹ 1,60,000. Calculate interest on capital @ 5% p.a. for the year ended 31st March 2023. Assuming the capitals were fixed in problem 13, Calculate interest on capital.Ram and Mohan are partners and their capitals for the year ended

Solution:-

Anurag Pathak
April 14, 2023

Ram and Mohan are partners and their capitals for the year ended 31st March 2023 were ₹ 2,40,000 and ₹ 1,80,000 respectively.

Solution:-

Anurag Pathak
April 14, 2023

Mona and Roma contribute as capital ₹ 2,00,000 and ₹ 1,00,000 respectively. They decide to allow interest on capital @ 6% p.a

Solution:-

Anurag Pathak
April 14, 2023