Partnership
Fundamental
Chapter 1
Practical problem
a. Based on provision in the
partnership deed
1.
A and B started business with
capitals of RS 10,000 and RS 20,000 respectively on 1st April 2016.
Solve their mutual disputes by giving specific reason.
a)
A wants that there must be a
provision for interest on capital.
b)
B wants that profit should be
shared according to capital contribution but A want to share equally.
c)
B wants that there should be a
provision for interest on personal drawing
d)
A agree to introduced
additional capital of RS 1,00,000 in the condition that they will get 6% p.a.
interest on additional capital.
e)
A and B want to get B monthly
salary
b. Based on share of profit
2.
A , B and C started business with capitals of RS
1,00,000 RS 2,00,000 and RS 3,00,000 on 1st April 2017. Profit for the year ended 31st March 2018 is
RS 1,20,000. Show the distribution of profit if profit sharing ratio is as
follows:-
a)
Ratio is 2:3:5
b)
Ratio is 2:2:2
c)
According to capital contribution
d)
Equally
e)
20%, 40 % and 60% respectively
f)
1/5th, 5/8th and reaming to C.
II.
Based on interest on Drawings
A , B and C started business
with capital of RS 1,00,000 , RS 2,00,000 and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 beginning of
every month.
3.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 ending of every
month.
4.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 middle of every
month.
5.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 Beginning of
every quarter.
6.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 ending of every
quarter.
7.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018. If A, B and C withdrew RS 1,000, RS 2,000 and 3,000 middle of every quarter.
8.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018 as follows:-
April 1
1000
June 30
2000
July 1
500
Oct. 30
1500
Dec. 31
2000
March 1. 1000
9.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
Jan. 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
Dec. as follows:-
Jan. 31 1000
Feb. 28 2000
June 30 1500
July 31 500
Nov. 30 3000
Dec. 31 1000
10.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April. 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018 as follows:-
April 1 3,000
July 1 3,000
Oct. 1
3,000
Jan.1 3,000
11.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st
April. 2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
March 2018 as follows:-
Sept. 30 5,000
March 31
5,000
12.
A , B and C started business with capital of RS 1,00,000 , RS 2,00,000
and RS 3,00,000 each on 1st Jan.s
2017. Calculated interest on drawings @ 10% p.a. for the year ended 31st
December 2017 as follows:-
Jan.
31 2,500
April
30 2,500
July 31 2,500
Oct. 30
2,500
III.
Based on interest on Capital
Type-I
There is no additional capital and withdrawals.
13.
A , B and C started business with capitals of RS
1,00,000 , RS 2,00,000 and RS 3,00,000 respectively on 1st April 2017. Calculate interest on capital @
10% p.a. for the year ended 31st march 2018.
14.
A , B and C started business with capitals of RS
1,00,000 , RS 2,00,000 and RS 3,00,000 respectively on 1st April
2018. Calculate interest on capital @ 10% p.a. for the year ended 31st
Dec 2018.
15.
A , B and C started business with capitals of RS
1,00,000 , RS 2,00,000 and RS 3,00,000 respectively on 1st Jan. 2017. Calculate interest on capital @ 10% p.a. for
the year ended 31st Dec 2018.
Type-II (Based on additional
capital)
16.
A and B started business with
capitals of RS 1,00,000 and RS 2,00,000 respectively on 1st April 2017. On 1st
July Mr. A introduced as an additional capital of RS 50,000. Partnership deed
provides for interest on capital @ 10% p.a. calculated interest on capital for
the year ended 31st March 2018.
17.
A and B started business with
capitals of RS 1,00,000 and RS 2,00,000 respectively on 1st April
2017. On 1st July Mr. A introduced as an additional capital of RS
50,000. Partnership deed provides for interest on capital @ 10% p.a. Csalculated
interest on capital for the year ended 31st Dec. 2017.
18.
A and B started business with
capitals of RS 1,00,000 and RS 2,00,000
respectively. On 1st Jan.
2017. On 1st July Mr. A introduced as an additional capital
of RS 50,000. Partnership deed provides for interest on capital @ 10% p.a.
calculated interest on capital for the year ended 31st Dec. 2017.
19.
A and B started business with
capitals of 1, 00,000 and RS 2, 00,000 respectively. On 1st April
2017. On 1st July A introduced as an additional capital of RS 50,000
and B introduced as an additional capitals of RS 80,000 on 1st Oct.
partnership deed provide for
interest on capital @ 10% p.a. calculate
interest on capital for the year ended 31st March 2018.
Type-III (Based on additional capital and
Withdrawals.)
20.
A and B started business with
capitals of RS 1,00,000 and RS 2,00,000 respectively on 1st April
2017. Sharing profits & losses equally. On 1st July A introduced
additional capital of RS 50,000. on 1st Oct. B withdrew RS 50,000
from his capital. Partnership deed provide for interest on capital @ 10% p.a.
calculate interest on capital for the year ended 31st march 2018.
21.
A and B started business with
capitals of RS 1,00,000 and RS 2,00,000 respectively on 1st Jan.
2018. Sharing profits & losses equally. On 1st July A introduced
additional capital of RS 50,000. On 1st Oct. B withdrew RS 50,000
from his capital. Partnership deed provide for interest on capital @ 6% p.a.
calculate interest on capital for the year ended 31st Dec. 2018.
22.
A and B started
business with capitals of RS 5, 00,000 and RS 10, 00,000 respectively. On 1st
April 2017, sharing profit & losses equally. On 1st July A
introduced RS 1, 00,000 as an additional capital and B withdrew RS 50,000
from his capital. On 1st Oct. B introduced RS 2, 00,000 as an additional capital
and A withdrew RS 1, 50,000 from his capital. Partnership deed provide for
interest on capital @ 6% p.a. calculate interest on capital @6% p.a. for the
year ended 31st March 2018.
A and B started
business with capitals of RS 5, 00,000 and RS 10, 00,000 respectively. On 1st
April 2017, sharing profit & losses equally. On 1st July A
introduced RS 1, 00,000 as an additional capital and B withdrew RS 50,000
from his capital. On 1st Oct. B introduced RS 2, 00,000 as an additional capital
and A withdrew RS 1, 50,000 from his capital. Partnership deed provide for
interest on capital @ 6% p.a. calculate interest on capital @6% p.a. for the
year ended 31st March 2018.
IV.
Based on P & L
appropriation A/C.
1.
A and B are partners sharing
profit in the ratio of 2:3. With capitals of RS 1,00,000 and RS 2,00,000
respectively on 1st April 2017 . Profit for the year ended 31st
March 2018 is RS 1,50,000. Show the distribution of profit by preparing P &
L appropriation A/C.
2.
A and B are partners sharing
profit in the ratio of 2:3. With capitals of RS 1,00,000 and RS 2,00,000
respectively on 1st April 2017. Partnership deed provided for
interest on capital @10% P.a. Profit for the year ended 31st March
2018 is RS 1, 50,000. Show the distribution of profit by preparing P & L
appropriation A/C.
3.
A and B are partners sharing
profit in the ratio of 2:3. With capitals of RS 1, 00,000 and RS 2, 00,000
respectively on 1st April 2017. Partnership deed provided for
interest on capital @ 10% p.a. and interest on Drawing@ 5% P.a. If A withdrew
RS 1,000 beginning of every month. And B withdrew RS 1,200 ending of every
Month. Profit for the year ended 31st March 2018 is RS 1, 50,000.
Show the distribution of profit by preparing P & L appropriation A/C.
4.
A and B are partners sharing
profit in the ratio of 2:3. With capitals of RS 1, 00,000 and RS 2, 00,000 respectively
on 1st April 2017.partnership deed provided for interest on capital
and drawings @ 10% P.a. and 5% P.a. respectively. If A withdrew RS 1,000 P.m.
and get a monthly salary of RS 500 p.m. B withdrew RS 10,000 during the current
year. And get a monthly salary of RS 1,00 every quarter. Profit for the year
ended 31st March 2018 is RS 1, 50,000. Show the distribution of
profit by preparing P & L appropriation A/C.
V. Based on partnership Accounts.
1.
A and B are partners sharing
profit in the ratio of 2:3. Their capitals as on 1st April 2017, is
RS 10, 00,000 and RS 2, 00,000 respectively. Profit for the year ended 31st
March 2018 is RS 50,000. Prepare partnership account.
Case (a) if capitals are
fixed.
Case (b) if capitals are
fluctuating.
2.
A and B are partners sharing
profit in the ratio of 2:3. Their capitals as on 1st April 2017, is
RS 10, 00,000 and RS 2, 00,000 respectively. Partnership deed provided for
interest on capital @ 10% P.a. Profit
for the year ended 31st March 2018 is RS 50,000. Prepare partnership
account.
Case (a) if capitals are fixed.
Case (b) if capitals are fluctuating.
3.
A and B are partners sharing
profit in the ratio of 2:3. Their capitals as on 1st April 2017, is
RS 10, 00,000 and RS 2, 00,000 respectively. partnership deed provided for
interest on capital @ 10% and interest on drawing @ 5% P.a. when A and B withdrew
RS 1,000 and RS 2,000 p.m. Profit for
the year ended 31st March 2018 is RS 50,000. Prepare partnership
account.
Case (a) if capitals are
fixed.
Case (b) if capitals are
fluctuating.
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