Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018. Choose an appropriate journal entry to be passed for deficiency.
Option 1: Maanika's capital a/c Dr 1,50,000 Bhari's capital a/c Dr 50,000 To Komal's capital a/c 2,00,000
Option 2: Maanika's capital a/c Dr 2,00,000 To Komal's capital a/c 2,00,000.
Option 3: Komal's capital a/c Dr 4,00,000 To Maanika's capital a/c 2,40,000 To Bhari's capital a/c 1,60,000
Option 4: Maanika's capital a/c Dr 2,40,000 Bhari's capital a/c Dr 1,60,000 To Komal's capital a/c 4,00,000.
Correct Answer: Maanika's capital a/c Dr 2,40,000 Bhari's capital a/c Dr 1,60,000 To Komal's capital a/c 4,00,000.
Solution : Answer = Maanika's capital a/c Dr 2,40,000 Bhari's capital a/c Dr 1,60,000 To Komal's capital a/c 4,00,000 Loss=2,20,000 Maanika's share=$2,20,000 \times \frac{6}{11}$=12,00,000. Bhari's share=$2,20,000 \times \frac{4}{11}$=8,00,000. Komal's share=$2,20,000 \times \frac{4}{11}$=2,00,000. Deficiency=Guaranteed profit-actual profit=[2,00,000-(2,00,000)]=2,00,000+2,00,000=4,00,000 Maanika's share=$4,00,000 \times \frac{3}{5}$=2,40,000. Bhari's share=$4,00,000 \times \frac{2}{5}$=1,60,000. Hence, the correct option is 4.
Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018. Choose an appropriate journal entry to be passed for
Question : Apurva, Dimple, Komal and Saloni are partners in a firm sharing profits and losses in the ratio of 2: 2: 1: 1. Dimple and Komal decided to retire from the firm. The goodwill of the firm was valued at Rs.9,00,000. Apurva and Saloni decided to share future profits and losses in
Question : C's Capital Account has a credit balance of Rs.2,00,000; C's Loan Account is showing a debit balance of Rs.40,000. Bank Balance is Rs.3,00,000. Show the treatment of C's Loan Account.
Question : In settlement of partner's loan of Rs 60,000 to the firm, A furniture not appearing In the books is taken over by her agreed value of Rs 70,000 . Journal entry would be
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile