X has given a loan of Rs. 50,000 to the firm. He claims 10% p.a. interest. Is his claim valid in case partnership deed is silent in this matter? Post category:Accountancy Reading time:1 mins read SOLUTION No. He can get only 6% p.a. interest. 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 PostSuresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and 4,00,000 respectively. They do not have a partnership deed. Ramesh wants to share the profits in the ratio of Capitals. State with reason whether the claim is valid? Next PostA claims 6% p.a. interest on his capital. Is his claim valid if partnership deed is silent in this matter? You Might Also Like Kamal and Kapil are partners having fixed capitals of Rs. 5,00,000 each as on 31st March, 2018. Kamal introduced further capital of Rs. 1,00,000 on 1st October, 2018 whereas Kapil withdrew Rs. 1,00,000 on 1st October, 2018 out of capital. Interest on capital is to be allowed @ 10% p.a. The firm earned net profit of Rs. 6,00,000 for the year ended 31st March, 2019. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. July 21, 2022 Pass necessary Journal entries for the following transactions on the dissolution of the firm P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (a) Bank Loan Rs. 12,000 was paid. (b) Stock worth Rs. 16,000 was taken over by partner Q. (c) Partner P paid a creditor Rs. 4,000. (d) An asset not appearing in the books of accounts realised Rs. 1,200. (e) Expenses of realisation Rs. 2,000 were paid by partner Q. (f) Profit on realisation Rs. 36,000 was distributed between P and Q in 5 : 4 ratio. July 25, 2022 Balance Sheet had the following amounts as at 31st March, 2019: August 12, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kamal and Kapil are partners having fixed capitals of Rs. 5,00,000 each as on 31st March, 2018. Kamal introduced further capital of Rs. 1,00,000 on 1st October, 2018 whereas Kapil withdrew Rs. 1,00,000 on 1st October, 2018 out of capital. Interest on capital is to be allowed @ 10% p.a. The firm earned net profit of Rs. 6,00,000 for the year ended 31st March, 2019. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. July 21, 2022
Pass necessary Journal entries for the following transactions on the dissolution of the firm P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (a) Bank Loan Rs. 12,000 was paid. (b) Stock worth Rs. 16,000 was taken over by partner Q. (c) Partner P paid a creditor Rs. 4,000. (d) An asset not appearing in the books of accounts realised Rs. 1,200. (e) Expenses of realisation Rs. 2,000 were paid by partner Q. (f) Profit on realisation Rs. 36,000 was distributed between P and Q in 5 : 4 ratio. July 25, 2022