Question

01. Weak, Able and Lazy are in partnership sharing profits and losses in the ratio of 2:1:1. It is agreed that
interest on capital will be allowed @ 10% per annum and interest on drawings will be charged @ 8% per
annum. (No interest will be charged/allowed on Current Accounts).
The following are the particulars of the Capital and Drawings Accounts of the partners:
P&t App a
Appa is old on partner 4
Weak
Able
Lazy
₹
₹
Z ₹
Capital (1.1.2016)
75,000
40,000
30,000
Current Account (1.1.2016)
10,000
5,000 (Dr.) 5,000
Drawings
15,000
10,000
10,000
The draft accounts for 2016 showed a net profit of * 60,000 before taking into account interest on
capitals and drawings and subject to following rectification of errors:
(a) Life Insurance premium of Weak amounting to 750 paid by the firm on 30th June, 2016 has been
charged to Miscellaneous Expenditure A/c.
(b) Repairs of Machinery amounting to 10,000 has been debited to Plant Account and depreciation
thereon charged @ 20%.
(c) Travelling expenses of 3,000 of Able for a pleasure trip to U.K. paid by the firm on 30th June, 2016
has been debited to Travelling Expenses Account So Net Pro​

Answer 1

Answer:

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Perceived expected outcomes from convergence initiatives include: 1) Increase in Social Capital: Collective planning and implementation among different stakeholders will enhance social capital. This will improve management and work output.