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ustment Journal ENTRY are calculated below:Explanation:Given,The FIRM of Harry, Porter and Ali, who have been sharing PROFITS in the ratio of 2 : 2 : 1Given, Profit for the year 2015-2016 is Rs. 2,20,000Profit for the year 2016-2017 is Rs. 2,40,000Profit for the year 2017-2018 is Rs. 2,90,000Thus, the total profit is (220000+240000+290000) i.e., Rs. 7,50,000Old ratio of the profit is 2 : 2 : 1Thus, as per the old ratio it has been divided as followsFor Harry = Rs. 3,00,000For Porter = Rs. 3,00,000For Ali = Rs. 1,50,000New profit ratio will be 1 : 1 : 1Thus, each one get a profit of Rs. 2,50,000 eachThus, the adjustment has been made.As per the journal entry given below, an AMOUNT of Rs. 50000 has been debited from Harry and Porter each and has been credited to Ali's CAPITAL account.

essary journal entry are calculated below:EXPLANATION:Given,AZAD and Benny's capitals are ₹ 40,000 and ₹ 80,000 respectivelyThe INTEREST @ 5% p.a has not been credited to the Capital Accounts. Calculation of Interests:Azad's Interest Benny's capitalThus, their total interest is (2000+4000) i.e., Rs. 6000Here, the profit has been wrongly distributed as Rs. 3000 each.Calculation of Profit Sharing:Azad = Rs. 2000 - Rs. 3000 = - Rs. 1000Benny = Rs. 4000 - Rs. 3000 = Rs. 1000Thus, an AMOUNT of Rs. 1000 has been credited to Benny's capital account from Azad's account.

essary adjustment entry to rectify the ERROR are calculated below:Explanation:Given,P and Q were partners in a firm SHARING profits and losses equally. Their FIXED capitals were ₹ 2,00,000 and ₹ 3,00,000 respectively. The Partnership Deed provided for interest on capital @ 12% per annum. CALCULATION of Interest:Interest on Capital @ 12%P's interestQ's interestTherefore, the total interest will be of Rs. 60000Profit Sharing:Also given,The profits of the firm were distributed without providing interest on capitalThus, the profit which is wrongly distributed between P and Q is of Rs. 30000 each which is Rs. 6000 more of P's interest and Rs. 6000 less of Q's interest.Therefore, an amount of Rs. 6000 has been credited to Q's capital ACCOUNT from the P's Current account. This has been the adjustment for the omission of interest on the capital.

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Profit is the amount of MONEY which is extra and EARNED when Selling PRICE is greater than cost price. The FORMULA for profit isSP ≥CP

Given,Anshul and Asha are PARTNERS sharing profits and LOSSES in the RATIO of 3 : 2.Interest on Anshul's Capital Salary to Asha = Rs. 24,000Total appropriation to be made Profit earned during the YEAR Here, profit available for distribution (i.e. Rs 32,000 ) is less than the sum of total of interest on Capital and Salary (i.e. Rs.64,000) Therefore, profit will be DISTRIBUTED in the ratio of interest on Capital and Salary. Ratio of Interest on Anshul's Capital to Asha' Salary is 40,000: 24,000 i.e. 5: 3 . Interest on Anshul's Capital Asha's Salary Thus, Anshul's Interest on the capital and the Asha's Salary will be of Rs. 20,000 and Rs. 12,000 respectively.

tion:Working Notes:1. Calculation of CAPITAL on InterestInterest on A's Capital = Interest on B's Capital = 2. Calculation of CommissionCommission to A = 2% on turnover= Commission to B =  5% on profit after all expense  (including commission)profit for all commission= Rs 50,000 - Rs 4,800 - Rs 6,000=  Rs 33,200Commission to B = 3. Calculation of Share of Profit of each Partner Profit AVAILABLE for Distribution

tion:WORKING Notes:1. Calculation of INTEREST on CapitalInterest on Ali's Capital  = Interest on Bahadur's Capital  = 2. Calculation of AMOUNT to be transferred to Reserve Amount for Reserve = 3. Calculation of SHARE of profit of each partner Profit available for distribution  = Ali's Profit Share Bahadur Profit Share

e good questionPass the FOLLOWING transactions through proper books to the Ledger. TAKE out a Trial Balance as on 31st January, 2018. The Cash Book must be balanced.Transactions marked * are intra-state transactions SUBJECT to CGST and SGST @ 6% each.Transactions marked ** are inter-state transactions subject to IGST @ 12%.PLEASE mark as brainliest ❤️Follow me

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Notes:1. Calculation of Interest on CAPITAL Interest on Amit's Capital = Interest on VIJAY's Capital = 2. Calculation of PROFIT Share of each PARTNER Divisible Profit = 2,16,000 + 4,700 - 35,000 - 60,000 = 1,25,700.Profit Sharing = 3 : 2.Amit's Profit Share = Vijay's Profit Share =

tion: INTEREST on CAPITAL = SUM of product Interest on B's Capital =

e following transactions through proper BOOKS to the Ledger. Take out a TRIAL Balance as on 31st January, 2018. The CASH Book must be balanced.Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.Transactions marked ** are inter-state transactions subject to IGST @ 12%.HOPE it's helpMark as brainliest ❤️

Explanation:PROFIT  & LOSS APPROPIATE A/CTo Interest on Capital                          By Profit & loss A/c        5,00,000Amit 5000Binita 10000Charu 15000                   30000To Salary to amit            120000To commission                 23810To General Reserve        50000To  profit transfered Amit A/c 92063Binita A/c 92063Charu A/c 92064             276190-------------------------------------------------------------------------------------------------------------                                      5,00,000                                                      5,00,000                                               PATNERS CAPITAL ACCOUNTParticulars    Amit      Binita    charu       Particulars    Amit    Binita   CharuTo BAL C/d  317063   325873  407064 By bal b/d  100000 200000  300000                                                      By Interest on Capital   5000  10000  15000                                                          By salary A/c  1,20,000                                                        By Commision                  23810                                                           By P&l A/c          92063 92063    92064--------------------------------------------------------------------------------------------------------------               317063   325873   407064                      317063   325873  407064

Notes:1. Calculation of Interest on Capital Interest on Sajal's Capital = Interest on Kajal's Capita  = 2. Calculation of Interest on Drawings Interest on Sajal's Drawings Interest on Kajal's Drawings = 3. Calculation of Amount to be TRANSFERRED to RESERVE Amount for Reserve =10 % of DIVISIBLE PROFIT Divisible Profit = Profit + Interest on Drawings - Interest on Capital Rs .68,460+Rs.540-Rs .4,500 = Rs .64,500Amount of Reserve = = 6,4504. Calculation of Profit Share of each Partner Profit available for Distribution =68,460 + 540 - 4,500-6,450$= Rs.58,050Profit Sharing RATIO = 2 :1

e following transactions through proper books to the LEDGER. TAKE out a Trial Balance as on 31st January, 2018. The Cash BOOK must be balanced.Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.HEY dude your answer isMark as brainliest ❤️Follow me

n:Calculation of INTEREST en Capital:Interest on X's Capital  Interest on Y's Capial = Total AMOUNT of interest on capital = 1,200+600=1,800.Case (a)Where there is no clean agreement EXCEPT for interest on capitals Profit for the year ended = Rs.1.500.Total amount of interest = R s, 1,800. Here, Interest on capital > the profits AVAILABLE for distribution. Therefore, profit of Rs. 1.500 is distributed between X and Y in the ratio of  their interest on capital.X will get interest on Capital  Y  will get interest on Capital = Case (b) In case, there is an agreement that the interest on capital as a charge, then the whole amount of interest on capital is to be allowed to the partners.Total Profit of the firm = Rs 1,500Total amount of Intereat on Capital = Rs.1, 800 (i.e. Rs. 1,200+ Rs 600) Therefore, loss to the firm amounts to Rs. 300 . This loss is to be SHARED by X and Y in their profit sharing ratio that is 2.3 .

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Stock was of ₹ 70,000 but its NET REALISABLE VALUE was ESTIMATED at ₹ 60,000.Hope it's helpMark as brainliest ❤️Follow me

Interest on long term is Rs. 10,800 and on short term is Rs. 13,200Explanation:Calculation of capital at the beginning as on 1.04.17Particulars                                                       Long(Rs)        Short(Rs)Capital at the END of the year                          1,20,000        1,40,000    Less: Adjusted PROFIT                                       (25,000)        (25,000)             (1,50,000-1,00,000) in 1:1 ratio     Add: Adjusted Drawings                               40,000           50,000    ∴   Capital at the beginning                         1,35,000          1,65,000    Interest on Long term borrowing= 1,35,000 X  8   = 10,800                                                                            100Interest on Short term borrowings = 1,65,000 x 8 = 13,200                                                                               100

t is calculated as given below:Explanation:Amount A has drawn in the BEGINNING for each month for the PERIOD of six months = 4,000Total NUMBER of drawings = 6Total amount will beRate of interest = 5% per annumTime will be calculated depending on withdrawing at the beginning of every month(Time left after 1st drawing and time left after last drawing /2)Interest will be calculated as:Interest will be calculated from the formulaThus, the interest on drawings @ 5% p.a. for a period of six months will be Rs. 250.

Ram drew ₹ 1,20,000 &MOHAN drew ₹ 80,0006% interest CHARGE Ram charged ₹ 7200Mohan charged ₹ 4800Explanation:Calculation Ram 1,20,000 × 6/100 = ₹ 7200Mohan 80,000 × 6/100 = ₹ 4800hope its HELP u

A, B and C are partners sharing PROFITS and losses in the ratio of 2 : 2 : 1A 's commission on the NET profitNet profit of the YEAR 1,10,000commission payable to A = 1,10,000 × 10/100 = 11000 ans.hope it's help u

entries are given below. Explanation:For Naresh: Capital at the year-end = Rs. 3,00,000 AMOUNT he withdrew = Rs, 50,000 Net PROFIT is 2,00,000 which is distributed equally, so Naresh’s amount will be = Rs, 1,00,000 Total = 4,50,000 (3,00,000 + 50,000 + 1,00,000) For SUKESH: Capital at the year-end = Rs. 3,00,000 Net profit is 2,00,000 which is distributed equally, so Sukesh’s amount will be = Rs, 1,00,000 Total = 4,00,000 (3,00,000 + 1,00,000) For CALCULATION of interest: Naresh Sukesh

t on Ram's CAPITAL = 1000 Interest on Mohan's capital = 800Explanation:Calculation of capital at the beginning Particulars                                             Ram          MohanCapital at the end                                 24,000       18,000  Less: Profit already credited  (1:1)        (8,000)       (8,000)  Add: DRAWINGS already DEBITED          4,000          6,000 ∴ Capital at the beginning               =   20,000     16,000Interest on Ram's capital = 20,000 x   5 = Rs. 1000                                                              100Interest on Mohan's capital = 18,000 x 5  = Rs. 800                                                                 100

Intrest on VIKASH CAPITAL = 10,00,000×5% = 50,000Intrest on MAHADEV capital = 10,00,000×5% = 50,000 EXPLANATION:When the capital of partner is fixed drawing and interst does not affect them. Please mark it as brainlist..

tion:Solution :Formula used :★ Interest on drawings =Total amount withdrawn = ₹ 7,500 × 4 = ₹ 30,000Rate of interest = 10% p.a.Case 1 :• Case 1. If he withdrew ₹ 7,500 in the BEGINNING of each QUARTER:Average period = 7.5Interest on drawings = ₹ 1,875Case 2 :• Case 2. If he withdrew ₹ 7,500 at the end of each quarter:Average period = 4.5Interest on drawings = ₹ 1,125Case 3 :• Case 3. If he withdrew ₹ 7,500 during the middle of each quarter:Average period = 6Interest on drawings = ₹ 1,500Therefore, Interest on drawings =Case 1 = ₹ 1,875Case 2 = ₹ 1,125Case 3 = ₹ 1,500

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t is CALCULATED as given below. Explanation:AMOUNT WITHDRAWN by B in the YEAR dividing evenly in the “middle” of every month = Rs 48000 Amount withdrawn by M in the year dividing evenly in the “middle” of every month = Rs 36000 Interest rate given is 10% per annum. Time would be six MONTHS as amount is withdrawn in the “middle” of every month. B’s Interest M’s Interest Thus, the partner B's interest and M's interest will be Rs. 2400 and Rs. 1800 respectively.

t is calculated as given below:Explanation:AMOUNT A has drawn in the beginning for each month for the period of six MONTHS = 4,000 Total number of drawings = 6 Total amount will be Rate of interest = 5% PER annum TIME will be calculated depending on withdrawing at the beginning of every month (Time left after 1st drawing and time left after LAST drawing /2) Interest will be calculated as: Interest will be calculated from the formulaThus, the interest on drawings @ 5% p.a. for a period of six months will be Rs. 350.

ution of profit is given below:Explanation:X’s salary Y’s salary = Rs. 25,000 TOTAL = Rs. 1,45,000 Net profit given is Rs. 4,20,000 Calculation of Commission:X’s commission will be 10% of Profit after salaries (4,20,000 – 1,45,000 = Rs. 2,75,000) Y’s commission will be (10/100+rate) of profit after salaries (4,20,000 – 1,45,000 = Rs. 2,75,000- 27,500= Rs. 2,47,500)  Total commission is 50,000 (27,500 + 22,500) Profit DISTRIBUTION:Profit distribution will be EQUALLY divided as: 4,20,000 – 1,45,000 - 50,000 = Rs. 2,25,000

iation of profits by each of partners is given below. Explanation:Total amount of profit earned by the end of the year= RS. 1,80,000 Commission to be charged at the rate of = 20% This commission WOULD be ‘shared’ in the ratio of = 2:3:2:3 Calculation of Partner’s commission: Calculation of Profit Share of Each partner: Profit is to be DISTRIBUTED in the ratio of 4:3:2:1 Amount on which profit will be calculated 1,80,000-30,000 = Rs. 1,50,000 A’s profit B’s profit C’s profit D’s profit

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and LOSS Appropriation amount is shown below:Explanation:Capital Jay CONTRIBUTED = RS. 80,000 Capital Vijay contributed = Rs. 50,000 Interest allowed is given as 9% per annum. Calculation of Interest Interest on Jay’s capital Interest on Vijay’s capital TOTAL interest will be 7,200 + 4,500 = Rs, 11,700 Total profit earned is Rs. 7,800 Calculation of PROPORTIONATE interest Now, proportionate interest on the capital will be: For Jay For Vijay

Entry and Profit and Loss APPROPRIATION calculation is calculated belowExplanation:Ashish’s capital at the END of the year = Rs. 5,00,000 DRAWINGS by Ashish = 1,50,000 Total capital for Ashish = 6,50,000 (5,00,000 + 1,50,000) Aakash’s capital at the end of the year = Rs. 6,00,000 Drawings = 1,00,000 Total capital for Aakash = Rs. 7,00,000 Calculation of Interest:Interest will be calculated for each one of them at the RATE of 10% per annum. Ashish’s interestAakash’s interest Total interest = 1,35,000 (65,000 + 70,000) Net profit of the company is 5,00,000. Interest on capital will be deducted by this amount to calculate the profit that will be transferred to each one’s account.  5,00,000 – 1,35,000 = Rs. 3,65,000 which will be DIVIDED with the ratio of 3:2 between the two. Calculation of Profit:Ashish’s Profit Aakash’ Profit

interest on CAPITAL @ 10%Anita's interest on capital = 50,000Ankita's interest on capital = 40,000Journal entry for interest on capital -Interest a/c Dr. To partners Capital a/cInterest a/c Dr. 90000 To Anita Capital a/c 50000 To ANKITA Capital a/c 40000 HOPE its help u mark me as brainiliest plz

he paid rent is per MONTH 10000 bought CASH is 80000 and CREDIT 40000and the sales GLOS is 10000 and 12000

d cost of PRODUCT is :Time : 6 HOURS PER UNITRATE : Rs 4 per hourActual cost :ProductionHope this helps ❤️❤️