Partnership
This query is : Resolved
15 August 2013
question number 08 on psge no.10.7.
solution is needed for (a) part
solution is needed for (a) part
15 August 2013
Pls mention the question here for solution.
16 August 2013
sir,do i need to write whole question?
17 August 2013
U should post the link of above page no here.
18 August 2013
Problem 8. Weak, Able and Lazy are in partnership sharing profits and losses in the ratio of 2 : 1 : 1. It is agreed that interest on capital will be allowed @ 5 % per annum and interest on drawings will be charged @ 4% per annum. (No interest will be charged/allowed on current A/cs.) The following are the particulars of the Capital Current and Drawings A/cs of the partners:
Particulars Weak Rs. Able Rs. Lazy Rs. Capitals (1 January, 1990) 75,000 40,000 30,000 Current A/c (1 January, 1990) 10,000 5,000 5,000 (Dr.) Drawings 15,000 10,000 10,000 Interest on Drawings (1990) 500 190 That draft A/cs for 1990 showed a net profits of Rs. 60,000 before taking into A/c interest on capital and drawings and subject to following rectification of errors: (a) Life Insurance Premium of Weak amounting to Rs. 750 paid by the firm on 31 December, 1990 has been charged to Miscellaneous Expenditure A/c (b) Repairs of machinery amounting to Rs. 10,000 has been debited to Plant A/c and depreciation thereon charged @ 20 per cent. (c) Travelling expenses of Rs. 3,000 of Able for a pleasure trip to U.K. paid by the firm on 30 June 1990 has been debited to Travelling Expenses A/c . You are required to prepare the profit and Loss Appropriation A/c for the year ended 31 December 1990 and the partners‘ current A/cs for the year. [Ans. Share of Profit: Weak Rs. 24,800, Able Rs. 12,400 Lazy Rs. 12,400; Current A/c Balance Weak Rs. 22,300 (Cr.) Able Rs. 6,150 (Cr.) Lazy Rs. 1,450 (Dr.)]
Particulars Weak Rs. Able Rs. Lazy Rs. Capitals (1 January, 1990) 75,000 40,000 30,000 Current A/c (1 January, 1990) 10,000 5,000 5,000 (Dr.) Drawings 15,000 10,000 10,000 Interest on Drawings (1990) 500 190 That draft A/cs for 1990 showed a net profits of Rs. 60,000 before taking into A/c interest on capital and drawings and subject to following rectification of errors: (a) Life Insurance Premium of Weak amounting to Rs. 750 paid by the firm on 31 December, 1990 has been charged to Miscellaneous Expenditure A/c (b) Repairs of machinery amounting to Rs. 10,000 has been debited to Plant A/c and depreciation thereon charged @ 20 per cent. (c) Travelling expenses of Rs. 3,000 of Able for a pleasure trip to U.K. paid by the firm on 30 June 1990 has been debited to Travelling Expenses A/c . You are required to prepare the profit and Loss Appropriation A/c for the year ended 31 December 1990 and the partners‘ current A/cs for the year. [Ans. Share of Profit: Weak Rs. 24,800, Able Rs. 12,400 Lazy Rs. 12,400; Current A/c Balance Weak Rs. 22,300 (Cr.) Able Rs. 6,150 (Cr.) Lazy Rs. 1,450 (Dr.)]
19 August 2013
sir,in this question in point no. (a).i want to know that- why interest of drawing is not charged on weak's drawing?
20 August 2013
It should be charged to respective partners capital a/c.
22 August 2013
if interest on weak drawing apply kare toh answer match nhi kar raha hain.
22 August 2013
tell me in which sub of ipcc and on which page of practice manual this question is printed?
23 August 2013
this question is from mr. bhagwan lal 's book(toppers institute).
24 August 2013
sir,please reply soon
07 October 2013
You have given Capital and Current A/c balance as of 1st Jan. How about Drawings A/c balance. Is that also as at 1st Jan? Or is at as at 21st Dec?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
