Gaurav, Sourav, and Vivian are partners in a firm. Though the Partnership Deed did not provide for interest on capital, Yet it was allowed to the partners @ 5% p.a. for the two years ended on 31st March 2022 and 31st March 2023.
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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
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Roshan, Mahesh, Gopi, and Jai are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The balances of Capital Accounts on 1st April 2015 were: Roshan ₹ 8,00,000, Mahesh ₹ 5,00,000, Gopi ₹ 6,00,000 and Jai ₹ 6,00,000.
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Anil, Sunil, and Ramesh are partners. Their fixed capitals as on 31st March 2023 were: Anil ₹ 50,000, Sunil ₹ 1,00,000, and Ramesh ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was credited
Solution:-
Hari, Kunal, and Uma are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final accounts had been prepared, It was noticed that interest on drawings @ 5% p.a. has not been charged
Solution:- Note:– When Drawings is given for the whole year without date, Interest on drawings is calculated for the 6 months average.
Tushar, Kapil, and Ajay are partners. Their fixed capitals as on 31st March 2023 were: Tushar ₹ 5,00,000, Kalil ₹ 10,00,000, and Ajay ₹ 15,00,000. Profit for the year 2022-23 ₹ 6,00,000 was distributed.
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Ram, Mohan and Sohan sharing profits and losses equally have capitals ₹ 1,20,000; ₹ 90,000 and ₹ 60,000. For the year ended 31st March
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Three Chartered Accountants Mohit, Ronit, and Shobhit form a partnership, profits being divisible in the ratio of 3 : 2 : 1 subject to the following:
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The partnership agreement of Raman, Daman, and Sharman provides that: (i) Profits will be shared by them in the ratio of 2 : 2 : 1
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Kamal, Lalit, and Neha were partners sharing profits and losses in the ratio of 3 : 3 : 2. Balances in their capital accounts as on 1st April 2022 stood at ₹ 8,00,000, ₹ 7,00,000 and ₹ 2,00,000 (Dr.) respectively
Solution:- Alternative of Journal entry