Q.

1A Amar, Lalit and charu are partners in a firm

and they do not have a Partnership Deed.
i) Amar had invested more capital than other
partners and asks for interest on
capiital at 10% p.a. But Lalit and Charu do not
agree with him.
ii) Lalit devotes more time in handling the
business and demands a salary of 5,000
p.m. But Amar and Charu do not agree with him.
iii) Charu demands interest on the loan of 50,000
given by her @12% p.a.
iv) Amar withdrew 10,000 from the firm for his
personal use. Lalit and Charu
demand that interest on drawings be charged
from him @IO% p.a.
v) Profit for the year before the above claims was
50,000. Amar demands profits to
be distributed in the capital ratio.
(i) Lalit wants to introduce his son Inder as
partners. Charu objects to his Proposal.
low will be the above issue resolved?

Q.IB) Calculate the amount of Ram's monthly

drawings for the year ended 31st
march,2022 in the following case when the
partnership deed provides for interest on
drawings @10% p.a.
When interest on drawings is 1300 and he
withdrew a fixed amount in the beginning of
each month.

Q.3 ankur, Bhavna and Disha are partners in a

firm. On 1st April, 2021, the balances in
their capital Account stood at 14,000,00;600000
and 400000 respectively. They
shared profits in the proportion 7:3 :2
respectively. Partners are entitled to interest
on capital and and a commission Of 3,000 per
month to Disha as per the provisions of the
partnership Deed.
Bhavna's share of profit (excluding interest on
capital) is guaranteed at not less than
1,70,000 p.a. Disha share of profit (including interest on capital but excluding

commission) is guaranteed at not less than 1,50,000 p.a. Any deficiency arising on that

account shall be met by Ankur. The profit of the firm for the year ended 31st March,

2022 amounted to 95,0000

Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2022.

Q.4) Ajay, Manish and Sachin were partners profit in the ratio 5:3:2. Their capitals were

and as on April 01, 2021. As per partnership deed,

interest on Capitals were to be provided @9% p.a. instead of 6% p.a. for the year ended

March 31, 2022, Pass an adjustment entry and show the working clearly.

Q." A, B and C are three partners. On 1St April,2021 their capitals stood as: A B

C it was decided that:

•a) They would receive interest on capital @5%p.a.

b) A would get a salary of 5,000 p.m.

c) B would receive commission @5% of net profit after deduction of commission and

d) 10% of the net profit would be transferred to the General Reserve

Before the above items were taken into account profit for the year ended 31st march,2022

was

Prepare Profit and loss Appropriation Account.