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GLOBAL SKY LEARNINGS
ACCOUNTANCY
Assignment I
M.M. 20                                                                                        Deadline : 28-april-2014
  1. What is the basic difference between Charge against Profit and Appropriation against Profit?  (1)
     
  2. What are the total ways in which a partner can make drawings? Write all of them with their Average Period.        (2)
  3. Calculate interest on drawings if    (4)
    (i)  Divya made a drawing of Rs. 5,000 p.m. in the beginning of every month for eight month. The rate of interest is charged @ 4% p.a.
    (ii)  Akash make a drawings of Rs. 1,000 on 1 may 2013, Rs. 8,000 on 31 june 2013. Rs. 4,000 on 1 september 2013 and Rs. 3,000 on 1 december 2013. Calculate interest on drawings if the rate of interest is 5% and the year is ended on 31st march.
  4. Madhuri, Sonu and Pawan are Partners in firm with a profit sharing ratio of 3:2:1. By mistake they distributed their recent year Profit equally which was amounted as 90,000. They have also omitted to provide a interest on capital of 10% to all partners. Sonu was entitled a salary of Rs. 50 p.m. this was not also taken into account. You are asked to pass the necessary adjusting entry if the capital of all partners are 60,000 each. Show your working notes clearly.       (5)
  5. Sadhna, Purnima and Lalit are the partners in a firm with their profit sharing in their capital ratio. Their capital stood on 1st april 2013 was Rs. 1,00,000, Rs. 2,00,000 and Rs. 3,00,000 respectively. The partnership provides interest on capital to all partners @ 10% p.a. Sadhna made drawing of 10,000 during the year on which interest is charged @5%. Sadhna and Lalit are entitled a remuneration of Rs. 500 p.a. Purnima is entitled with a commission of 10% after all expenses including his  commission. Lalit advanced a loan of Rs. 1,00,000 on 1stOctober 2013 and awarded with the interest on the same as 10% p.a.
    Prepare Profit and Loss Appropriation and Partners Capital Account and show your working notes clearly if the firm earned a profit of 5,65,000 before any of the above adjustment.       (8)







Deadline : 28-april-2014
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1 comments:

  1. Anonymous28 April 2014 at 02:49

    Answer1--
    There are four ways in which a partner can make drawings:-
    1.)Annually
    2.)Half-Yearly
    3.)Monthly
    4.)Quarterly

    Answer 3--
    1.)Interest on Divya's drawings = Rs.867
    2.)Total interest on Akash's drawings = Rs.513

    Answer4--
    • Pawan's capital a/c 12100
    To Madhuri's capital a/c 11700
    To Sonu's capital a/c 400

    Answer5--
    • P&L appropriation a/c = Profit - Sadhna=76400, Purnima=152805, Lalit=229204

    •Partner's capital a/c= Sadhna=176650, Purnima=418646, Lalit=559704

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