Accounting for Partnership Basic Concepts Important Questions

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According to section 4 of the Partnerships Act 1932, a partnership is an agreement between two or more persons who have agreed to share the profits or losses of a company borne by all or part of them acting for all. Sukesh and Vanita were partners in a single company. Their partnership agreement provides as follows: In the absence of a company deed, the following rules must be established: Question 1. Moli, Bhola and Raj were partners in a company that shared profits and losses at a ratio of 3:3:4. Their partnership deed provides as follows: Question 4. Raj and Seema formed a partnership on July 1, 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after the raj salary of ₹2,500 per quarter and Seeka`s commission was calculated. The net profit before calculating Raj`s salary and Seema`s commission for the 31st. The closing year of March 2019 was ₹2,27,500.

(CBSE Compt. 2019) Answer: Net profit before salary and commission = ₹ 2,27,500 net salary Raj ₹ 2,500 x 3 = ₹ 7,500 net profit according to Raj`s salary, but before Seema`s commission = ₹ 2,20,000 Seemas commission = 10/110 of ₹ 2,20,000 = ₹ 20,000 Ramesh and Suresh were partners in a company that shared the profits in proportion to their capital paid-up capital at the beginning of the business, which amounted to Rs 80,000 and Rs 60,000 respectively. The company began operations on April 1, 2016. According to the articles of association, the interest on the capital and the drawings are respectively 12% and 10% per year. Ramesh and Suresh are to receive a monthly salary of Rs 2,000 and Rs 3,000 respectively. Profit for the year ended March 31, 2017 before overfunding was Rs 1,00,300. Ramesh and Suresh`s drawings were Rs 40,000 and Rs 50,000 respectively. Interest on subscriptions was Rs 2,000 for Ramesh and Rs 2,500 for Suresh. Prepare the partners` profit and loss transfer account and capital accounts assuming that their capital fluctuates. Amit, Sumit and Samiksha share the winnings at a ratio of 3:2:1. Samiksha`s share of the prize was guaranteed by Amit and Sumit at a minimum sum of Rs 8,000. Profit for the year ended March 31, 2017 was Rs 36,000.

(i) Profit and loss sharing: If the company deed is silent on the distribution of profits or losses among the shareholders of a company, then, according to the Partnerships Act of 1932, profits and losses must be shared equally by all shareholders of the company. 2: Ram & Sham are partners who share profits and losses in a 3:2 ratio. Ram, who is a partner who does not work, carries Rs. 20,00,000 as his capital to and Shyam is a working group, receives a salary of Rs. 8000 per month. According to the company deed, interest of 8% per year is paid and the salary is allowed. Profit before provision for the year ended March 31, 2015 was Rs. 80,000. Solution: Statement of profit and loss credits for the year ended 31.3.15 Dr. Cr. (b) Additional capital introduced during a financial year Question 3.

Amit, a partner in a partnership, deducted ₹7,000 at the beginning of each quarter. For how many months would interest on subscriptions be charged₹ (CBSE SP 2019-20) Answer: 7 and a half months. Question 7. Anubha and Kajal are partners in a company that shares profits and losses at a 2:1 ratio. Their capital was ₹ 90,000 and ₹ 60,000. The divisible profit during the year was ₹45,000. According to the partnership certificate, both partners are allowed to pay a salary of ₹700 per month to Anubha and ₹500 per month to Kajal. Authorized return on capital @ 5% per year The drawings at the end of the period were ₹8,500 for Anubha and ₹6,500 for Kajal. Interest of 5% per annum is charged on subscriptions.

Prepare the capital accounts of the partners, provided that the. Capital accounts fluctuate. Answer: Note: (1) It has been assumed that the given profit is a divisible profit. (2) It was assumed that the drawings were made in the middle of the year. Normally, in the absence of a date, it is assumed that the drawings were made in the middle of the year. 8. A company has made an average profit of Rs 1,00,000 in recent years. The normal return in a similar type of business is 10%. The company`s assets were Rs 10,000,000 and the external liabilities were rupees.

1,80 000. Calculate the value of the company`s goodwill using the super profit method when goodwill is valued at 2. 1/2 year of buying super winnings. Ans.9. A company has made an average profit of Rs. 1,00,000 in recent years. The normal return in a similar type of business is 10%. The company`s assets were Rs 10,000,000 and external liabilities were Rs 1,80,000.

Calculate the value of the company`s goodwill using the super profit method if the goodwill is valued at 2. 1/2 year of buying super winnings.10. A partnership made net profits in the last 3 years as follows, the capital invested in the company during the above period was Rs. 4,00,000. Given the associated risk, 15% is considered an appropriate return on investment. The remuneration of all partners during this period is estimated at Rs. 1,00,000 per year. Calculate the value of goodwill on the basis of (i) 2 years of purchase of super profits made on an average basis during the above 3 years, and (ii) using the capitalization method. Q.1 What is a partnership? What are its main features? Explain.

ANSWER: According to section 4 of the Partnerships Act, 1932, a partnership is an agreement between two or more persons who have agreed to share the profits or losses of a corporation borne by all or part of them acting for all. Individuals who have joined forces to form the corporation are collectively referred to as “individually and “firmly” partners, and the name under which they operate is referred to as the “company name.” Here are the important characteristics of the partnership(i) Two or more peopleTo form a partnership, at least two people must come together for a common goal. In other words, the minimum number of partners in a company can be two. However, there is a limit to their maximum number, if a company is engaged in the bank, it can have a maximum of ten partners, while in the case of another company, the maximum number of partners can be twenty. (ii) Company deedA company deed is an agreement between the partners that contains all the conditions of the partnership. It usually contains the details of all aspects that affect the relationship between the partners, including the business purpose, the capital contribution of each partner, the ratio in which profits and losses are shared by the partners and the right of the partners to interest on the capital, loan interest, etc. (iii) BusinessOne of the most important characteristics of a partnership is that it is established to carry out a legal transaction. The partnership in case of illegal transactions is not valid. (iv) Profit sharingIn the case of a partnership, the partners must share the profit or loss at an agreed ratio or in accordance with the provisions of the Partnerships Act 1932, according to which they share the profit equally. (v) LiabilityIn the case of a partnership, the liability of the partners is unlimited. If there is an obligation to the third party, the partner must pay for it from his or her personal property.

2. Reconstitution of a partnership firm: Change in the rate of profit sharing (among existing partners) Question 13. Verma and Kaul are partners in a law firm. The statutes stipulate that interest on subscriptions @ 6% per year will be charged. Verma deducts X 2,000 per month from April 1, 2013 to March 31, 2014. Kaul withdraws ₹3,000 per quarter, effective April 1, 2013. Answer: 6. Reciprocity: The partnership may be pursued by all or one of them acting on behalf of all. This means that all members of a company also have the right to participate in the activities of the company, or one of them acting on behalf of all.

Each partner acts as a representative of others and binds others by his action and is in turn bound to others by their action. Note: For questions about the allowable limitation of the maximum number of partners in a partnership, students accept the limit as 50. Question 3. A, B and C were partners in a company. As of April 1, 2018, their capital amounted to ₹4,000,000, ₹3,00,000 and ₹2,00,000 respectively. In accordance with the provisions of the company deed. (i) A was entitled to a salary of ₹ 5,000 per month. (ii) The Partner was entitled to interest on the capital of 10% per annum. The net profit of ₹3,000,000 for the year ended March 31, 2019 was shared among the partners without taking into account the above.

Clearly display your work, pass a customization entry to fix the above error. Answer: Azad and Benny are equal partners. Its capitals are Rs 40,000 or Rs 40,000. Rs 80,000. After the preparation of the annual financial statements, it turns out that interest of 5% per annum, as provided for in the articles of association, was not credited to the capital accounts before the distribution of profits. It is decided to make an adjustment entry at the beginning of next year. Note the required log entry. Question 20. Kanika and Gautam are partners who operate a chemical cleaning business in Lucknow and share profits at a 2:1 ratio with a capital of ₹5,00,000 and ₹4,00,000 respectively, Kanika deducted the following amounts during the year to pay her son`s hostel fees.

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