X and Y are partners in 3:2. Their capital balances as on 1" April 2020 amounting to Rs. 2,00,000 cach On 1" February, 2021, X contributed additional capital of Rs. 1,00,000. Following are the terms of deed. Interest on Capital @ 6% per annum Interest on Drawings @ 8% per annum Salary to Rs. 1500 per month Commission to Y @ 30% on Net profit affter charging interest on capital, salary and his commission Drawings of the partners were Rs 20,000 and Rs. 30,000 respectively during the year. Net profit carned bt the firm was Rs. 2,08,000 Choose the correct option based on the above information: Question11. What is amount of interest of X and Y: a)Rs. 12,000 cach b) Rs. 12,000 X and Rs. 13,000 Ks. 13,000 X and Rs. 12,000 Y d) None of above Question 12. What is interest on drawings of X and Y: Rs.1200 and 1800 respectively. b) Rs. 1200 and 800 respectively c)Rs.1600 and 2400 respectively at Rs.800 and 1200 respectively Question 13. What is amount of commission payable to Y ? a)Rs. 15,000 b) Rs 165000f Rs. 20800/HRs . None of these Question 14. What is X's share in Net divsible prolit LORS. 124400 b) Rs. 83600 c) Rs.97299a) Rs. 60800 Question 15. What will be closing capital after all adjustments ? a) 422200 b) Rs. 401400, Rs. 390000 d) Rs. 423000 ار po
Answers
Explanation:
is amount of commission payable to Y ? a)Rs. 15,000 b) Rs 165000f Rs. 20800/HRs . None of these Question 14. What is X's share in Net divsible prolit LORS. 124400 b) Rs. 83600 c) Rs.97299a) Rs. 60800 Question 15. What will be closing capital after all adjustments ? a) 422200 b) Rs. 401400, Rs. 390000 d) Rs. 423000 ار po
Following is the calculation for this question :
capitals of X and Y on 1/4/2020 are ₹2,00,000 each
on 1/2/2021 X brought additional capital = ₹1,00,000.
now, interest on capital @6% p.a. :-
1) interest on X's capital =
a) 2,00,000 * 6/100 = 12,000
b) 1,00,000 * 6/100 * 2/12 = 1000 ( interest on this capital for two moths )
total interest = 12000 + 1000 = 13,000
2) interest on Y's capital = 2,00,000 * 6/100 = 12,000
so, for question 11 option (c) Rs. 13,000 X and Rs. 12,000 Y is correct.
now, interest on drawings @8% p.a. :-
X - 20,000 * 8/100 = 1,600
Y - 30,000 * 8/100 = 2,400
so, for question 12 option (c) Rs. 1,600 X and Rs. 2,400 Y is correct.
now, X's salary for the year = 1500 * 12 = 18,000
now, commission for Y after charging @30% on net profit:-
[ total net profit - ( interest on capitals + x's salary) =
= 2,08,000 - ( 25000 + 18000 ) = 1,65,000 ]
Y's commission = 1,65,000 * 30/130 = 38,077
so, for question 13 option (d) none of these is correct.
now, total net divisible profit = (total profit + interest on drawings ) - ( interest on capitals + X's salary + Y's commission )
= ( 2,08,000 + 4000 ) - ( 25,000 + 18000 + 38,077 ) = 1,30,923
X's share of profit = 1,30,923 * 3/5 = 78,553.8
Y's share of profit = 1,30,923 * 2/5 = 52,369.2