Ram, Shyam, and Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at ₹ 3,00,000, ₹ 1,00,000, ₹ 2,00,000
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Profit earned by a partnership firm for the year ended 31st March 2023 was distributed equally between the partners – Pankaj and Anu – without charging interest on Drawings. Interest due on Drawings was Pankaj – ₹ 3,000 and Anu – ₹ 1,000.
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Ram, Mohan, and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew ₹ 3,000 every month and Mohan withdrew ₹4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings.
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Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March 2023 after closing the books of account
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Mita and Usha are partners in a firm sharing profits in the ratio of 2 :3. Their Capital Accounts as on 1st April 2015 showed balances of ₹ 1,40,000 and ₹ 1,20,000 respectively
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A, B, and C were partners. Their fixed Capitals were ₹ 60,000, ₹ 40,000, and ₹ 20,000 respectively. Their profit-sharing ratio was 2 : 2 : 1. According to the Partnership Deed
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Pranav, Karan and Rahim were partners sharing profits in the ratio of 3 : 2 : 1. Their capitals were ₹ 5,00,00, ₹ 3,00,000, and ₹ 2,00,000 respectively
Solution:- Working Notes:- Calculation of Interest on Capitals of the Partners: Pranav’s Interest on Capital:- 5,00,000 ✕ 10% = ₹ 50,000 Karan’s Interest on Capital:- 3,00,000 ✕ 10% = ₹ 30,000 Rahim’s Interest on Capital:- 2,00,000 ✕ 10% =…
On 31st March 2023, after the closing of the accounts, Capital Accounts of P, Q, and R stood in the books of the firm at ₹ 40,000; ₹ 30,000, and ₹ 20,000 respectively
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Mohan, Vijay, and Anil are partners, the balances of their Capital Accounts being ₹ 30,000; ₹ 25,000, and ₹ 20,000 respectively. In arriving at these amounts profit for the year ended 31st March 2023, ₹ 24,000, and been credited to partners in their profit sharing ratio.
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Mudit, Sudhir, and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are ₹ 4,00,000, ₹ 1,60,000, and ₹ 1,20,000 respectively
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