Atul and Mithun are partners sharing profits in the ratio of 3 : 2. Balances as on 1st April 2022 were as follows
Solution:- Partner’s Share in Divisible Profit. Atul’s Share = 1,20,000 × 3/5 = ₹ 72,000 Mithun’s Share = ₹ 1,20,000 × 2/5 = ₹ 48,000
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Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get a monthly salary of ₹ 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were ₹ 5,00,000 each and drawings during the year were ₹ 60,000 each.
Solution:- Instructions:- In the case of Loss, Interest on the partner’s capital, salary, and commission are not charged. As these items are appropriated out of profits. Thus in the case of loss, such items can not be provided.
Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April 2022 were ₹ 8,00,000 and ₹ 10,00,000 respectively
Solution:-
Amit and Sumit entered into a partnership on 1st April 2022 and invested ₹ 1,50,000 and ₹ 2,50,000 respectively as capital
Solution:- 1st Method: 2nd Method:
Kamal and Kapil are partners having fixed capitals of ₹ 5,00,000 each as on 31st March 2022
Solution:- 2nd Method:
Simran and Reema are partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2022 were ₹ 2,00,000 each
Solution:- 1st Method: 2nd Method:-
Anita and Ankita are partners sharing profits equally. Their capitals, maintained following Fluctuating Capital Accounts Method, as on 1st April 2022 were ₹ 5,00,000 and ₹ 4,00,000 respectively
Solution:- 1st Method: 2nd Method:
Ashish and Aakash are partners sharing profits in the ratio of 3 : 2. Their Capital Accounts had credit balances of ₹ 5,00,000 and ₹ 6,00,000 respectively
Solution:- Alternative for Journal entry:- Working Notes:-
Naresh and Sukesh are partners with Capitals of ₹ 3,00,000 each as on 31st March, 2023. Naresh and withdrew ₹ 50,000
Solution:- Alternative for Journal entry:
On 1st April 2013, Jay and Vijay entered into a partnership for supplying laboratory equipments to government schools situated in remote and backward areas
Solution:-