WebbSimrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2024 after closing the books of account, their Capital Accounts stood at ₹ 4,80,000 and ₹ 6,00,000 respectively. WebbSimrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2024 after closing the books of account, their Capital...

In the absence of specific provision on the partnership deed

WebbNext Post Profit earned by a partnership firm for the year ended 31st March, 2024 were distributed equally between the partners – Pankaj and Anu – without allowing interest on capital. Interest due on capital was Pankaj Rs. 3,000 and Anu – Rs. 1,000. Pass necessary adjustment entry. WebbAzad and Benny are equal partners. Their capitals are Rs 40,000 and Rs 80,000, respectively. After the accounts for the year have been prepared it is discovered that interest at 5% p.a. as provided in the partnership agreement, has not been credited to the capital accounts before distribution of profits. birmingham icc christmas party

How is dissolution of partnership different from dissolution of ...

Webb2,40,000 from her capital and Bir introduced 3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2024 amounted to 2,40,000 and the partners' drawings had been: Simrat – 1,20,000 and Bir – 60,000. WebbQ. Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2024 after closing the books of account, their Capital Accounts stood at ₹ … WebbSimrat and Bir are partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2024 after closing the books of accounts, their capital accounts stood at … danfoss hydraulic spool valve