1. S.S. COACHING CENTRE (REGD.)
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FUNDAMENTALS OF
PARTNERSHIP
2. S.S. COACHING CENTRE (REGD.)
Ph.: 25520578, 25614692, 9810209603
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Profit and Loss Appropriation A/c
SOLUTION 16
Particulars ` Particulars `
To Interest on Capital:
Jay 7,800 × 8/13 = 4,800
Vijay 7,800 × 5/13 = 3,000
7,800
By Net Profit 7,800
7,800 7,800
3. S.S. COACHING CENTRE (REGD.)
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Working Note
Interest on Capital of Jay = 80,000 × 9/100
= 7,200
Interest on Capital of Vijay = 50,000 × 9/100
= 4,500
Jay : Vijay
7,200 : 4,500
8 : 5
4. S.S. COACHING CENTRE (REGD.)
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Calculation of Capital in Beginning
Particulars A B C
Capital at end
Add: Drawings
Less: Profits
1,50,000
24,000
1,74,000
(20,000)
2,10,000
24,000
2,34,000
(40,000)
2,70,000
24,000
2,94,000
(60,000)
Total 1,54,000 1,94,000 2,34,000
SOLUTION 69
Interest on Capital 15,400 19,400 23,400
5. S.S. COACHING CENTRE (REGD.)
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Working Note
Interest on Drawings of Ekta = 24,000 × 5/100 × 6/12
= 600
Interest on Drawings of Ankit = 24,000 × 5/100 × 6/12
= 600
Interest on Drawings of Chahat = 24,000 × 5/100 × 6/12
= 600
6. S.S. COACHING CENTRE (REGD.)
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Table Showing Adjustment
Particulars Ekta Ankit Chahat Firm
Dr. Cr Dr. Cr. Dr. Cr. Dr. Cr.
Profit wrongly
credited
Interest on capital
credited
Interest on
drawings debited
Profit distributed
in 1 : 2 : 3
20,000
----
600
----
-----
15,400
----
10,600
40,000
-----
600
----
-----
19,400
----
21,200
60,000
-----
600
----
-----
23,400
----
31,800
-----
58,200
----
63,600
1,20,000
-----
1,800
----
Total 20,600 26,000 40,600 40,600 60,600 55,200 1,21,800 1,21,800
---- 5,400
Cr.
---- ---- 5,400
Dr.
---- ---- ----
7. S.S. COACHING CENTRE (REGD.)
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Journal Entry
Date Particulars L.F. Dr. Cr.
Chahat Capital A/c Dr.
To Ekta
5,400
5,400
8. S.S. COACHING CENTRE (REGD.)
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Table Showing Adjustments
SOLUTION 68
Particulars Saroj Mohinder Umar Firm
Dr. Cr Dr. Cr. Dr. Cr. Dr. Cr.
Interest on capital
credited @ 10%
Interest on
drawings debited @
5%
Loss distributed in
4 : 3 : 1
----
550
8,200
6,400
----
----
----
550
6,150
5,400
----
----
----
900
2,050
6,600
----
----
18,400
----
----
----
2,000
16,400
Total 8,750 6,400 6,700 5,400 2,950 6,600 18,400 18,400
2,350
Dr.
---- 1,300
Dr.
---- ---- ---- ---- ----
9. S.S. COACHING CENTRE (REGD.)
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Journal Entry
Date Particulars L.F. Dr. Cr.
Saroj A/c Dr.
Mohinder A/c Dr.
To Umar A/c
2,350
1,300
3,650
10. S.S. COACHING CENTRE (REGD.)
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Calculation of Opening Capital
Particulars Saroj Mohinder Umar
Closing Capital
Add: Drawings
Less: Profits
80,000
24,000
1,04,000
(40,000)
60,000
24,000
84,000
(30,000)
40,000
36,000
76,000
(10,000)
Opening Capital 64,000 54,000 66,000
Interest on Capital @ 10% 6,400 5,400 6,600
12. S.S. COACHING CENTRE (REGD.)
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JOURNAL
SOLUTION 84
Date Particulars L.F. Dr. Cr.
Ankur A/c Dr.
Bobby A/c Dr.
Rohit A/c Dr.
To Profit and Loss A/c
4,80,000
3,20,000
2,00,000
10,00,000
Ankur A/c Dr.
Bobby A/c Dr.
To Rohit A/c
3,20,000
80,000
4,00,000
13. S.S. COACHING CENTRE (REGD.)
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WORKING NOTE
Deficiency = 2,00,000 – (2,00,000)
4,00,000
3,20,000
Ankur
3,20,000
Bobby
