840; Case 4. Loss: X 2,000; Y 3,000.) charge against profit.] 9. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of 1,20,000 and ? 60,000 rnectively. On 1st October, 2020, Bat and Ball gave loans of 2,40,000 and ? 1,20,000 respectively to he firm. Bat had allowed the firm to use his property for business for a monthly rent of 5,000. Loss for the year ended 31st March, 2021 before rent and interest amounted to 9,000. Show distribution of profit/loss. (Hint: Interest on Loan by partner and Rent are charges against profit,) [Ans.: Share of Loss: Bat- 31,920; Ball- 47,880.] Akhil and Bimal are nartno

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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1,400.
(Ans.: Interest on Loan by X 2,400; Interest on Loan by YR 1,200;
Case 1. Profit: X 6,960; Y 10,440; Case 2. Loss: X 240; YR 360;
[Hint: Interest on Loan by partner is a charge against profit.]
loan of
Case 3. Profit: X 560; Y ? 840; Case 4. Loss: X 2,000; Y R 3,000.)
2021 was
t and Ball are partners sharing the profits in the ratio of 2:3 with capitals of 1,20,000 and ? 60,000
espectively. On 1st October, 2020, Bat and Ball gave loans of 2,40,000 and 1,20,000 respectively to
te frm. Bat had allowed the firm to use his property for business for a monthly rent of 5,000. Loss
aursng
for the year ended 31st March, 2021 before rent and interest amounted to 9,000. Show distribution of
[Ans.: Share of Loss: Bat- 31,920; Ball-47,880.]
profit/loss.
THint: Interest on Loan by partner and Rent are charges against profit.]
Akhil and Bimal are partners sharing profits in the ratio of 3:2. Akhil gave loan to the firm of 1,00,000 on
1st. October, 2020. On the same date, the firm gave loan to Bimal of 1,00,000. They do not have an
the
agreement as to interest.
Akhil had also given his personal property for firm's godown at a monthly rent of 5,000.
Firm earns profit of 1,03,000 (before above adjustments) for the year ended 31st March, 2021. Show the
[Ans.: 40,000 [R 1,03,000 – 7 3,000) (interest on Loan by Akhil)- 60,000 (rent)] will be
distributed in the ratio of 3:2. Akhil-24,000; Bimal- 16,000.]
distribution of profit for the year.
(Hint: In the absence of agreement, Akhil will get interest @ 6% p.a. on loan given by him. Interest will not
be charged on loan to Bimal by the firm. Also, rent will be paid to Akhil as per the agreement.]
11. Nirmal and Pawan are partners sharing profits in the ratio of 3: 2. The firm had given loan to Pawan of
75,00,000 on 1st April, 2020. Interest was to be charged @ 10% p.a. The firm took loan of 2,00,000 from Nirmal
on 1st October, 2020. Before giving effect to the above, the firm incurred a loss of 10,000 for the year
ended 31st March, 2021.
tion Alc 34.000
Determine the amount to be transferred to Profit and Loss Appropriation Account.
hey
Transcribed Image Text:1,400. (Ans.: Interest on Loan by X 2,400; Interest on Loan by YR 1,200; Case 1. Profit: X 6,960; Y 10,440; Case 2. Loss: X 240; YR 360; [Hint: Interest on Loan by partner is a charge against profit.] loan of Case 3. Profit: X 560; Y ? 840; Case 4. Loss: X 2,000; Y R 3,000.) 2021 was t and Ball are partners sharing the profits in the ratio of 2:3 with capitals of 1,20,000 and ? 60,000 espectively. On 1st October, 2020, Bat and Ball gave loans of 2,40,000 and 1,20,000 respectively to te frm. Bat had allowed the firm to use his property for business for a monthly rent of 5,000. Loss aursng for the year ended 31st March, 2021 before rent and interest amounted to 9,000. Show distribution of [Ans.: Share of Loss: Bat- 31,920; Ball-47,880.] profit/loss. THint: Interest on Loan by partner and Rent are charges against profit.] Akhil and Bimal are partners sharing profits in the ratio of 3:2. Akhil gave loan to the firm of 1,00,000 on 1st. October, 2020. On the same date, the firm gave loan to Bimal of 1,00,000. They do not have an the agreement as to interest. Akhil had also given his personal property for firm's godown at a monthly rent of 5,000. Firm earns profit of 1,03,000 (before above adjustments) for the year ended 31st March, 2021. Show the [Ans.: 40,000 [R 1,03,000 – 7 3,000) (interest on Loan by Akhil)- 60,000 (rent)] will be distributed in the ratio of 3:2. Akhil-24,000; Bimal- 16,000.] distribution of profit for the year. (Hint: In the absence of agreement, Akhil will get interest @ 6% p.a. on loan given by him. Interest will not be charged on loan to Bimal by the firm. Also, rent will be paid to Akhil as per the agreement.] 11. Nirmal and Pawan are partners sharing profits in the ratio of 3: 2. The firm had given loan to Pawan of 75,00,000 on 1st April, 2020. Interest was to be charged @ 10% p.a. The firm took loan of 2,00,000 from Nirmal on 1st October, 2020. Before giving effect to the above, the firm incurred a loss of 10,000 for the year ended 31st March, 2021. tion Alc 34.000 Determine the amount to be transferred to Profit and Loss Appropriation Account. hey
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