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Accountancy · 2023 · 3 marks
CBSE 2023 · Region 4 · Set 1 · Q18
Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6: 4: 1. Kamolika is guaranteed a minimum amount of ₹ 3,00,000 as her…
Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of $\displaystyle 6$ : $\displaystyle 4$ : 1. Kamolika is guaranteed a minimum amount of ₹ $\displaystyle 3,00,000$ as her share in profits. The firm earned a net profit of ₹ $\displaystyle 22,00,000$ for the year ended 31st March 2022. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.
Ananya, Bhavi and Chandni were partners in a firm with capitals of ₹ $\displaystyle 3,00,000$, ₹ $\displaystyle 2,00,000$ and ₹ $\displaystyle 1,00,000$ respectively. According to the provisions of the partnership deed : (i) Ananya and Chandni were each entitled to a monthly salary of ₹ $\displaystyle 1$,500. (ii) Bhavi was entitled to a salary of ₹ $\displaystyle 4,000$ per annum. The profit for the year ended 31st March, $\displaystyle 2022$, ₹ $\displaystyle 80,000$ was divided between the partners in their profit sharing ratio of $\displaystyle 3$ : $\displaystyle 3$ : $\displaystyle 2$ without providing for the above adjustments. Pass the necessary adjustment entry to rectify the above omissions in the books of the firm. Show your working notes clearly.
Marking-scheme solution
Dr. Profit & Loss Appropriation A/c Cr.
for the year ended 31st March $\displaystyle 2022$
Particulars Amount Particulars Amount
₹ ₹
To Profit transferred to Partners’ By P & L A/c $\displaystyle 22,00,000$
Capital A/c: (Net Profit)
Monika $\displaystyle 12,00,000$
Less: Guarantee to Kamolika
$\displaystyle 60,000$ $\displaystyle 11,40,000$
Bhoomika $\displaystyle 8,00,000$
Less: Guarantee to Kamolika
$\displaystyle 40,000$ $\displaystyle 7,60,000$
Kamolika $\displaystyle 2,00,000$
Add: Guarantee from Monika
$\displaystyle 60,000$
Add: Guarantee from Bhoomika
$\displaystyle 40,000$ $\displaystyle 3,00,000$
$\displaystyle 22,00,000$ $\displaystyle 22,00,000$
Q.(b) Ananya, Bhavi and Chandni were partners.................
Ans.
Books of Ananya, Bhavi and Chandni
Journal
Date Particulars L.F Dr. Amount Cr. Amount
₹ ₹
$\displaystyle 2022$ Bhavi’s Capital A/c Dr. $\displaystyle 11,000$
March $\displaystyle 31$ To Ananya’s Capital A/c $\displaystyle 3,000$
To Chandani’s Capital A/c $\displaystyle 8,000$
(Adjustment entry passed for
omission of salary to partners)
Table Showing Adjustments
Particulars Ananya(₹) Bhavi(₹) Chandni(₹) Firm(₹)
Salary to be credited $\displaystyle 18,000$ $\displaystyle 4,000$ $\displaystyle 18,000$ $\displaystyle 40,000$
₹$\displaystyle 40,000$ to be debited in $\displaystyle 3$:$\displaystyle 3$:$\displaystyle 2$ $\displaystyle 15,000$ $\displaystyle 15,000$ $\displaystyle 10,000$ $\displaystyle 40,000$
Difference $\displaystyle 3,000$ $\displaystyle 11,000$ $\displaystyle 8,000$ -
Cr. Dr. Cr. -
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