In The Absence Of Partnership Agreement Interest On Drawings Is Charged

X and Y are partners who share profits and losses in a ratio of 2:3 with the Capitals 2.00,000 and the following 3.00,000. On October 1, 2017, X and Y awarded the company $80,000 and $40,000, respectively. The distribution of earnings/losses for the year ended March 31, 2018 in the following alternative cases indicates: Case 1: If earnings before interest for the year was USD 21,000. Case 2: If earnings before interest for the year were 3,000 ₹. Case 3: If the profit before interest for the year was 5,000 EUROS. Case 4: If the loss before interest for the year was 1,400 ₹. A and B receive 450 pairs of individual loans for 6 months (October 01, 2017 to March 31, 2018) at 6% per year 106. X, Y and Z are equal partners with investment funds of 2.00,000 USD, 3.00,000 USD and 4.00,000 USD. At the close of the annual accounts for the year ending March 31, 2019, it was found that the interest rate on Deren`s total capital income had been omitted by 8% per annum. In the entry report: (A) Dr. X and Cr. Y around 8,000 following: Cr. X and Dr.

Z of 8,000 U.S. euros (C) Dr. X and Cr. Z to 8,000 euros (D) Cr. X and Dr. Y for 8,000 U.S. profits made by a partnership company for the year ended March 31, 2017, were distributed equally to the partners – Pankaj and Anu – who did not give interest rates on the capital. The capital interest was from Pankaj – 3,000 and Anu – 1,000 euros. A, B and C shared the gains and losses in partnership in a ratio of 4:2:1.

It was expected that C would share the profit for one year would be no less than 7,500 euros. Earnings for the year ended March 31, 2018 were 31,500 euros Us-Us. They need to demonstrate the means between the partners. The acquisition account for profits and losses is not required. During the year, Amit`s drawings amounted to $18,000 and Burton`s drawings to $31,000. Naresh and Sukesh are partners with capitals of 3.00,000 euros from 31 March 2018. Naresh had withdrawn 50,000 euros against the capital and 1,00,000 euros in addition to subscriptions against the capital on October 1, 2017. Sukesh also had drawings of 1.00,000 euros. Capital interest is allowed at 10% per annum. The profit for the year amounted to 2,00,000 euros us, which has yet to be distributed.

Pass log entries for interest on capital and profit distribution.gbn knnk j 101. Sony and Romy are equal partners with investment funds of $4,00,000 and $3.00,000. At the close of the accounts for the year 2019 ending March 31, 2019, it was found that interest on capital income was paid as a final guarantee in Quantity 8% instead of 10% per annum. In the adjustment record: (A) Sony is credited with $8,000 and Romy with $6,000.