In the absence of provision in the partnership deed, in which ratio is the deficiency arising out of guarantee of profit to a partner born by the other partners? (C.B.S.E. 2019, Chennai) Post category:Accountancy Reading time:1 mins read SOLUTION In their old profit-sharing ratio. 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 PostChhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed amount of Rs. 6,000 at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. Pass necessary journal entry for charging interest on drawings at the end of the year. (C.B.S.E. 2019, M.P.) Next PostRaj Seema started a partnership firm on 1st july , 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after agreed charging Raj’s salary of Rs. 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March, 2019 was Rs. 2,27,500. Calculate Seema’s commission. (C.B.S.E. 2019, Comptt.) You Might Also Like On dissolution, what entry is passed if a partner under takes to make payment of a liability of the firm? September 27, 2022 X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022 What is meant by ‘Gaining Ratio’ on retirement of a partner? (C.B.S.E. 2019) October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
On dissolution, what entry is passed if a partner under takes to make payment of a liability of the firm? September 27, 2022
X, Y and Z are partners in a firm sharing profits in 2: 2: 1 ratio. The fixed capitals of the partners were: X Rs.5,00,000; Y Rs. 5,00,000 and Z Rs. 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of Rs. 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was Rs. 4,00,000. Prepare Profit and Loss Appropriation Account. July 20, 2022