Anju, Manju and Mamta are partners whose private equity was Rs 10,000, Rs 8,000 and Rs 6,000 respectively. According to the partnership agreement, there is a provision for the granting of interest on the capital at 5% per annum, but registrations for these have not been made in the last three years. The profit-sharing ratio in these years has remained as follows: The CBSE Class 12 accounting program is focused on improving a fundamental understanding of the nature and purpose of accounting information and its application in the company`s operations. This improves students` logical thinking, analytical skills, and evaluation potential. Class 12 Accounting includes a variety of examples to help students understand and learn concepts quickly. Amit and Bhola are partners in a company. They share the benefit in a ratio of 3: 2. According to their partnership agreement, interest on subscriptions @ 10% per year will be charged. Their subscriptions in 2017 were Rs 24,000 and Rs 16,000 respectively.Calculate interest on prints assuming the amounts were withdrawn uniformly throughout the year.

Question 52. Suresh and Ramesh were partners in a company that shared profits at a 3:2 ratio. Their fixed capital was: Suresh Rs. 9,00,000 and Ramesh Rs. 6,00,000. The company deed provided for: (i) interest on the capital of 5% per year. (ii) Rs. 60,000 per annual salary Suresh and salary Rs. 2,000 per month Ramesh. The profit made by the company for the year ending 31/3/2018 was Rs. 2,34,000.The profits were divided equally without taking into account the above. Entering success settings.

Solution 52 Question 1. What is partnership? What are its main features? Explain. Answer According to section 4 of the Partnerships Act, the Partnerships Act of 1932 is an agreement between two or more persons who have agreed to share the profits or losses of a company borne by all or part of them acting for all. Individuals who have joined forces to form the corporation are collectively referred to as ”individually and ”firmly” partners, and the name under which they operate is referred to as the ”company name.” Here are the important characteristics of the partnership (i) Two or more people To form a partnership, at least two people must come together for a common goal. In other words, the minimum number of partners in a company can be two. However, there is a limit to their maximum number, if a company is engaged in the bank, it can have a maximum of ten partners, while in the case of another company, the maximum number of partners can be twenty. (ii) Deed of partnership A deed of partnership is an agreement between the partners that contains all the conditions of the company. It usually contains the details of all aspects that affect the relationship between the partners, including the business objective, the capital contribution of each partner, the ratio in which profits and losses are shared by the partners, and the right of the partners to interest on the capital, the interest on the loan, etc. (iii) Company One of the most important characteristics of a partnership is that it is established, to run a legal business. The partnership in case of illegal transactions is not valid. (iv) Profit sharing In the case of a partnership, the partners must share the profit or loss in an agreed relationship or in accordance with the provisions of the Partnerships Act 1932, according to which they share the profit equally. (v) Liability In the case of a partnership, the liability of the partners is unlimited.

If there is an obligation to the third party, the partner must pay for it from his or her personal property. The first part of the chapter on corporate accounts consists of five units. The first unit of partnership accounts deals with the different accounting practices required for a not-for-profit organization. The second unit deals with the basic concepts of accounting and accounting practices for partnerships. The third unit discusses changes in a partnership upon the admission of a partner. The fourth unit deals with changes in a partnership corporation when the death or retirement of a partner occurs. Finally, Unit Five deals with the formal termination of a partnership. 23. Amit and Bhola are partners in a company.

They share the benefit in a ratio of 3: 2. According to their partnership agreement, interest on subscriptions @ 10% per year will be charged. Their subscriptions in 2006 were Rs 24,000 and Rs 16,000 respectively. Calculate interest on draws assuming that the amounts have been withdrawn uniformly throughout the year. 24. Harish is a partner in a business. He deducted the following amounts during the year 2006: Rs. February 01 4,000 May 01 10,000 June 30 4,000 October 31 12,000 December 31 4,000 drawing interest will be charged at 7 1/2% per year.

Calculate the amount of interest calculated on Harish`s subscriptions for the year ended December 31, 2006. 25. Menon and Thomas are partners in a law firm. They share the profits equally. Their monthly drawings are 2,000 rupees per piece. Subscription interest is charged at 10% per annum. Calculate interest on menon subscriptions for the year 2006 assuming the money is withdrawn: (i) at the beginning of each month, (ii) in the middle of each month and (iii) at the end of each month. 26. On 31 March 2003, following the closing of the books, the capital accounts of Ram, Shyam and Mohan had a balance of Rs. 24,000 Rs. 18,000 and Rs.

12,000 respectively. Later, it turned out that the interest on the capital @ 5% had been omitted.. .