Fundamentals of...

A, B and C are partners sharing profits equally. A and B has given a minimum gurantee of Rs. 8,000 to the C. How much amount of profit C will get, when profit of the firm is Rs.30,000.

Which account is to be recorded on debit side for charging the interest on partner’s loan?

Profit and Loss Appropriation Account is pepared ______

Calculate the Interest on Drawings of Ram @10% p.a for the year ended 31st March 2012.If Ram withdraw drawings Rs. 2000 p.m in the beginning of every month.

Calculate interest on drawings, if owner withdrew the following amounts as follows Jan.31 Rs. 6000, Mar.31 Rs.4000, July 1 Rs.8000, Sep.30 Rs.3000, 1 Nov, Rs.5000. Accounts are closed on 31st December every year and rate of interest on drawings is 10% p.a.

Calculate interest on drawing if Partner withdrew Rs. 6,000 at the end of each quarter. Rate of interest on drawings is 10% p.a. and accounting period is 1st January to 31st December.

Ram and Rohit started business on 1st April, 2012 with capitals of Rs. 250,000 and Rs.150,000 respectively. On the 1st October 2012, they decided that their capitals should be Rs.200,000 each. The necessary adjustments in the capitals were made by introducing or withdrawing cash. Interest on capital is allowed at 8% p.a. Calculate the interest on Rohit’s Capital on March 31, 2013.

P and Q were partners in a firm sharing profits and losses in the ratio 3:2.They admit R for 1/6th share in profits and guaranteed that his share will not be less than Rs. 25000.Total profit of the firm were Rs. 90,000 Calculate share of profit for each partner when guarantee is given by P.

A,B and C are partners sharing profits and losses in the ratio of 2:2:1 respectively. A is entitled to a commission of 10 % on net profit before charging such commission. Net profit before charging commission is Rs.1,20,000.Find out commission payable to A.

R, S and T are partners in a firm. They decided to share profits up to Rs. 10,000 in the ratio 30%, 50% and 20% respectively. Above this amount profits are shared equally. If the profits of the firm for the year was Rs. 25,600.Distribute the profit.