Give the formula for calculating ‘gaining share’ of a partner in a partnership firm. Post category:Accountancy Reading time:1 mins read SOLUTION Gaining Share = New Profit Share- Old Profit Share. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhy do we calculate Gaining Ratio? Next PostGive two circumstances in which the Gaining Ratio is computed. You Might Also Like On 1st April, 2015, V.V.L. Ltd issued 1,000, 9% Debentures of Rs. 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year. July 18, 2022 Ali the Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, 2018 stand as Ali Rs. 25,000 and Bahadur Rs. 20,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the year ended 31st March, 2019 amounted to Rs. 3,500 and Rs. 2,500 respectively. Profit for the year, before charging interest on capital and annual salary of Bahadur @ Rs. 3,000, amounted to Rs. 40,000, 10% of divisible profit is to be transferred to Reserve. You are asked to show Partners’ Current Account and Capital Accounts recording the above transactions. July 21, 2022 Bhanu and Partab are partners. sharing profits equally. Their fixed capitals as on 1st April, 2018 are Rs. 8,00,000 and Rs. 10,00,000 respectively. Their drawings during the year were Rs. 50,000 and Rs. 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March, 2019 was Rs. 1,20,000. Prepare Profit and Loss Appropriation Account. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
On 1st April, 2015, V.V.L. Ltd issued 1,000, 9% Debentures of Rs. 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year. July 18, 2022
Ali the Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, 2018 stand as Ali Rs. 25,000 and Bahadur Rs. 20,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the year ended 31st March, 2019 amounted to Rs. 3,500 and Rs. 2,500 respectively. Profit for the year, before charging interest on capital and annual salary of Bahadur @ Rs. 3,000, amounted to Rs. 40,000, 10% of divisible profit is to be transferred to Reserve. You are asked to show Partners’ Current Account and Capital Accounts recording the above transactions. July 21, 2022
Bhanu and Partab are partners. sharing profits equally. Their fixed capitals as on 1st April, 2018 are Rs. 8,00,000 and Rs. 10,00,000 respectively. Their drawings during the year were Rs. 50,000 and Rs. 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March, 2019 was Rs. 1,20,000. Prepare Profit and Loss Appropriation Account. July 21, 2022