Question

the partnership agreement of Rajesh ,Manoj, Mohit provides that
profits will be shared bin the ratio 2:2:1
Interest on capital to be allowed at the rate of 6%
er annum Interest on drawings to be charged at
the rate of 3% per annum, Manoj to be given a
salary of Rs.500 per month
Manoj Guarantee to the firm that the firm would earn a
least Rs.80,000 per annum any shortfall in these pro
personally met by him.
The capitals of the partners on
1st April, 2018 were:
Rajesh Rs.1,20,000
Manoj Rs. 1,00,000
Mohit Rs.1,00,000
During the financial year 2018-19, all the three partr
Rs.1,000 each at the beginning of every month. Th
for the year was Rs.70,000.
You are required to prepare:
i. Profit & Loss Appropriation Alc
ii. Partners Capital a/c

Answer 1

Answer:

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Page No 1.79:

Question 1:

In the absence of Partnership Deed, what are the rules relation to :

(a) Salaries of partners,

(b) Interest on partners’ capitals

(c) Interest on partners’ loan

(d) Division of profit, and

(e) Interest on partners’ drawings

ANSWER:

  Items (Points) Provision in the Absence of Partnership Deed(a) Salaries of Partners No Salary will be allowed to Partners.(b) Interest on Partners’ Capitals No interest will be allowed to Partners on Capital(c) Interest on Partners’ Loan 6% p.a. Interest will be allowed on the amount given by

 partners in the form of Loans and Advances to firm.(d) Division of Profit Profits will be shared equally, it is irrespective the

 amount of capital contributed by partners(e) Interest on Partners’ Drawings No Interest will be charged on the Drawings of Partners