What is meant by Super Profits? Post category:Accountancy Reading time:1 mins read SOLUTION Super Profit is the excess of actual average profits over normal profits. 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 PostName any two factors affecting goodwill of a partnership firm. Next PostHow the goodwill is valued under the super profit’s method? You Might Also Like Amrit Dhara Ltd.’ issued 800 Equity Shares of Rs. 100 each at a premium of 25% as fully paid-up in consideration of the purchase of plant and machinery of Rs. 1,00,000. Pass entries in company’s Journal. July 14, 2022 Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed Rs. 2,00.000, Rs. 3.00,000 and Rs. 1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. How will you settle the dispute? September 26, 2022 On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profits and drawings, etc; were Rs. 80,000, Rs. 60,000, Rs. 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted. (a) The profit for the year ended 31st March, 2014 was Rs. 80,000. (b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000. (c) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a. (d) The profit-sharing ratio among partners was 4 : 3 : 1. Showing your workings clearly, pass the necessary rectifying entry. July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Amrit Dhara Ltd.’ issued 800 Equity Shares of Rs. 100 each at a premium of 25% as fully paid-up in consideration of the purchase of plant and machinery of Rs. 1,00,000. Pass entries in company’s Journal. July 14, 2022
Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed Rs. 2,00.000, Rs. 3.00,000 and Rs. 1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. How will you settle the dispute? September 26, 2022
On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profits and drawings, etc; were Rs. 80,000, Rs. 60,000, Rs. 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted. (a) The profit for the year ended 31st March, 2014 was Rs. 80,000. (b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000. (c) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a. (d) The profit-sharing ratio among partners was 4 : 3 : 1. Showing your workings clearly, pass the necessary rectifying entry. July 22, 2022