Accounting for Partnership Firms-Partnership (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 29 - 30 of 30

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Question number: 29

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Yogesh, Ajay and Atul are partners sharing profits in the ratio 4: 3: 2. Yogesh withdraws Rs. 3, 000 in the beginning of every month. Ajay withdraws Rs. 2, 000 in the middle of every month whereas Atul withdraws Rs. 1, 500 at the end of every month. Interest on capitals and drawings is to be calculated@12 % p. a. Ajay is also to be allowed a salary of Rs. 1, 000 per month. After deducting salary but before charging any type of interest, the profit for the year ending 31stpecember, 1997 was Rs. , 1, 14, 780. Prepare Profit & Loss Appropriation Account, Partners’ Capital Accounts and Current Accounts from the additional information given below:

Question number: 30

» Accounting for Partnership Firms » Partnership

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Ram and Shyam were Partners. in a firm sharing profits in the ratio of 3: 5. Their Fixed Capitals were ‘: Ram Rs. 5, 00, 000 and Shyam Rs. 9, 00, 000. After the accounts of the year had been closed, it was found that interest on capital at 10 % per annum as provided in the partnership agreement has not been credited to the Capital Accounts of the partners. pass necessary entry to rectify the error.

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