TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
81 :- Parul, Prerna, and Kaushal are partners sharing profits equally. Parul is guaranteed a minimum annual profit of Rs 2,00,000. Kaushal is to get a commission @ 5% of Net Sales and the commission is determined at Rs 50,000. Net Profit for the year ended 31st March, 2025 is Rs 2,50,000.
Prepare profit and loss appropriation account for the year
82 :- Nimrat, Maira, and Kabir are partners sharing profits in the ratio of 2:2:1. Nimrat is guaranteed a minimum profit of Rs 1,60,000 per annum. Net Profit for the year ended 31st March, 2025 is Rs 1,00,000. Prepare Profit and Loss Appropriation Account for the year.
83 :- Ashmit, Abbas, and Karman are partners sharing profits in the ratio of 3:2:1. Abbas is guaranteed a minimum profit of ₹Rs 1,50,000 per annum. The firm incurred a loss for the year ended 31st March, 2025 of Rs 30,000. How much deficiency will Ashmit bear for the year?
84 :- Anand, Ridhi and Shyam were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their fixed capitals were Rs 1,00,000, Rs 60,000 and Rs 40,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their capital accounts @9% p.a. instead of 7% p.a. Pass the necessary adjusting journal entries.
85 :- P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1st April, 2024 they admitted R as a new partner for 1/8th share in the profits with a guaranteed profit of Rs 75,000. The new profit-sharing ratio between P and Q will remain the same but they agreed to bear any deficiency on account of the guarantee to R in the ratio of 3:2. The profit of the firm for the year ended 31st March, 2025 was Rs 4,00,000.
Prepare profit and loss appropriation account of P,Q and R for the year ended 31st March, 2025
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)