73 :- On 31st March 2023, the capitals of Raghav and Diya stood at Rs 4,00,000 and Rs 3,00,000 respectively after the necessary adjustments in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @10% p.a. had been omitted. The Net profit the year ended 31st March, 2023 amounted to Rs 1,00,000.
During the year ended 31st March, 2023, Raghav’s drawings were Rs 2,000 drawn at the beginning of each month, while Diya’s drawings were Rs 3,000 drawn at the beginning of each quarter. Pass the necessary adjustment entry.
74 :- On 31st March, 2014, the balances in the capital accounts of Saroj, Mahinder, and Umar after making adjustments for profits and drawings, etc., were Rs 80,000, Rs 60,000, and ₹ Rs 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted.
(a) The profit for the year ended 31st March 2014 was Rs 80,000.
(b) During the year Saroj and Mahiner each withdrew a sum of Rs 24,000 in equal installments at the end of each month and Umar withdrew Rs 36,000.
(c) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a.
(d) The profit-sharing ratio among partners was 4 :3 : 1.
Showing your workings clearly, pass the necessary rectifying entry.
75 :- Capitals of Kajal, Neerav, and Alisha as on 31st March, 2025 were Rs 90,000, ₹ Rs 3,30,000, and Rs 6,60,000 respectively. Profit of Rs 1,80,000 for the year ended 31st March, 2025 was distributed in the ratio of 4:1:1 after allowing interest on capital @ 10% p.a. During the year, each partner withdrew Rs 3,60,000. The Partnership Deed was silent as to profit sharing ratio but provided for interest on capital @ 12% p.a.
Pass the necessary adjustment entry showing the working clearly.
Question 1 to 5 (Partnership Deed)
Question 6 to 8 (Interest on loan by partner to the firm)
Question 9 – 13 (Interest on Loan to the firm by Partner and Loan by the Firm to Partner)
Question 14 – 19 (Profit & Loss Appropriation Account)
Question 20 – 22 (Fixed Capital)
Question 23 to 25 (Fluctuating capital)
Question 26 (When interest on capital is an appropriation and profits are inadequate)
Question 27 to 31 (Calculation of interest on partners capital)
Question 32 to 35 (Salary or commission to partners)
Question 36 to 41 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 42 to 46 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 47 to 50 (Profit and loss appropriation account and partner’s capital account)
Question 51 to 53 (Transfer of profits to reserve)
Question 54 to 55 (Appropriations more than available profits)
Question 56 – (Adjusting and transfer entries)
Question 57 to 61 (Adjustments for incorrect appropriations in the past [past adjustments])
Question 62 to 66 (Adjustments for incorrect appropriations in the past)
Question 67 to 72 (Adjustments for incorrect appropriations in the past)
Question 73 to 75 (Adjustments for incorrect appropriations in the past)
Question 76 to 80 (Guarantee of minimum profit to a partner)
Question 81 to 85 (Guarantee of minimum profit to a partner)
Question 86 to 89 (Guarantee of minimum profits to a partner)
Question 90 – 91 (Minimum earnings guaranteed by a partner)