X andYare partners sharingprofit and losses in theratio of 2: 3withcapitalsof Rs. 2,00,000 and Rs. 1,00,000 respectively passthenecessary Journal enteryor enteriesfor thedistributaion ofprofits / loss for theyear for theyear31stMarch , 2019 in each of theof thealternative cases : caseIfPArtnership Deed is silentas to theintereston capitaland theprofitfor theyear is Rs. 20,000. Case 2.if partnership Deed provides for intereston capital@ 6%p.aandlossfor theyearis Rs. 15,000. Case 3.if partnership Deed provides for interestforintereston capital@ 6% p.a and theprofitfor thetheyear is Rs. 21,000 . Case 4.if partnershipDeedprovides for interestforintereston capital @ 6% p.aas acharge onon profitandtheprofitfor theyear is Rs. 20,000. Case 5.if partnership Deedprovidesfor intereston capital @ 6%p.aas a chargeon profit andth profitfor theyear is Rs. 2,000 Case 6.ifpartners Deedprovides forinterest o capital@ 6%p.aas achargeon profitandth profitfor theyear is Rs. 18.000.

X andYare partners sharingprofit and losses in theratio of 2: 3withcap

1.	X andYare partners sharingprofit and losses in theratio of 2: 3withcapitalsof Rs. 2,00,000 and Rs. 1,00,000 respectively passthenecessary Journal enteryor enteriesfor thedistributaion ofprofits / loss for theyear for theyear31stMarch , 2019 in each of theof thealternative cases : caseIfPArtnership Deed is silentas to theintereston capitaland theprofitfor theyear is Rs. 20,000. Case 2.if partnership Deed provides for intereston capital@ 6%p.aandlossfor theyearis Rs. 15,000. Case 3.if partnership Deed provides for interestforintereston capital@ 6% p.a and theprofitfor thetheyear is Rs. 21,000 . Case 4.if partnershipDeedprovides for interestforintereston capital @ 6% p.aas acharge onon profitandtheprofitfor theyear is Rs. 20,000. Case 5.if partnership Deedprovidesfor intereston capital @ 6%p.aas a chargeon profit andth profitfor theyear is Rs. 2,000 Case 6.ifpartners Deedprovides forinterest o capital@ 6%p.aas achargeon profitandth profitfor theyear is Rs. 18.000.
Answer» Solution : NOTE : profitand LOSSAPPROPRIATIONACCOUNT willnot bepreparedbecauseinterest on capital iscahrge onprofit and hancedebiteed toprofitand LOSSACCOUNT after allowingintereston capital , itresults INNEITHER PROFIT nor loss.

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ZX Limited invited applications for issuing 5,00,000 Equity shares of Rs. 10 each at a premium of Rs. 10 each payable with Final call. Amount per share was payable as follows : {:(,"Rs."),("On Application",2),("On Allotment",3),("On First Call",2),("On Second and Final Call","Balance"):} Applications for 8,00,000 shares were received. Applications for 50,000 shares where rejected and the application money was refunded. Allotment was made to the remaining applicants as follows : {:("Category","Number of Shares Applied","Number of Shares Allotted"),("I","2,00,000","1,50,000"),("II","5,50,000","3,50,000"):} Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to who 1,500 shares were allotted paid his entire share money with allotment. Manohar belonging to category II who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited sharses were reissued at Rs. 10 per share as fully paid up. Assuming that the company maintains ''Calls in Advance Account'' and ''Calls in Arrears Account'', pass necessary entries for the above transactions in the books of ZX Limited.
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