In the absence of partnership deed, at which rate interest is allowed on a partner’s loan? Post category:Accountancy Reading time:1 mins read SOLUTION 6% p.a. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostIn the absence of partnership deed, what is the ratio in which the profits of a firm are divided among the partners? Next PostKavita and Laxmi run a charitable dispensary. Kavita wants to have a partnership deed. What is your opinion? You Might Also Like Ali the Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, 2021 stand as Ali Rs. 25,000 and Bahadur Rs. 20,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the year ended 31st March, 2022 amounted to Rs. 3,500 and Rs. 2,500 respectively. Profit for the year, before charging interest on capital and annual salary of Bahadur @ Rs. 3,000, amounted to Rs. 40,000, 10% of divisible profit is to be transferred to Reserve. Prepare Partners’ Current Account and Capital Accounts recording the above transactions. October 11, 2022 Do all forms of business organisations prepare a Profit and Loss Appropriation Account? September 26, 2022 What is the basis of calculation of deceased partner’s share of profit from the date of last balance sheet to the date of his death? (C.B.S.E. 2019.Kerala) September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Ali the Bahadur are partners in a firm sharing profits and losses as Ali 70% and Bahadur 30%. Their respective capitals as at 1st April, 2021 stand as Ali Rs. 25,000 and Bahadur Rs. 20,000. The partners are allowed interest on capitals @ 5% p.a. Drawings of the partners during the year ended 31st March, 2022 amounted to Rs. 3,500 and Rs. 2,500 respectively. Profit for the year, before charging interest on capital and annual salary of Bahadur @ Rs. 3,000, amounted to Rs. 40,000, 10% of divisible profit is to be transferred to Reserve. Prepare Partners’ Current Account and Capital Accounts recording the above transactions. October 11, 2022
Do all forms of business organisations prepare a Profit and Loss Appropriation Account? September 26, 2022
What is the basis of calculation of deceased partner’s share of profit from the date of last balance sheet to the date of his death? (C.B.S.E. 2019.Kerala) September 27, 2022
