Sonu and Rajat Started a partnership firm on April 1, 2017. They contributed Rs.8,00,000 and Rs.6,...
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Sonu and Rajat Started a partnership firm on April 1, 2017. They contributed Rs.8,00,000 and Rs.6, 00, 000 respectively as their capitals and decided to share profits an losses in the ratio of 3: 2. The partnership deed provided that Sonu was to be paid salary of Rs.20, 000 per month and Rajat a commissions of 5% on turnover. It also provided that interest on capital be allowed @8% p.a. Sonu withdraw Rs.20, 000 on 1 December, 2017 and Rajat withdrew Rs.5,000 at the end of each month.Interest on drawing was charged @ 6% p.a.The net profit as per profit and loss Account for the year ended 31 ³¹ March, 2018 was Rs.4, 89,950. The turnover of the firm for the year ended 31 March, 2018 amounted to Rs.20,00, 000. Pass necessary journal entries for the above transactions in the books of Sonu and Rajat. Sonu and Rajat Started a partnership firm on April 1, 2017. They contributed Rs.8,00,000 and Rs.6, 00, 000 respectively as their capitals and decided to share profits an losses in the ratio of 3: 2. The partnership deed provided that Sonu was to be paid salary of Rs.20, 000 per month and Rajat a commissions of 5% on turnover. It also provided that interest on capital be allowed @8% p.a. Sonu withdraw Rs.20, 000 on 1 December, 2017 and Rajat withdrew Rs.5,000 at the end of each month.Interest on drawing was charged @ 6% p.a.The net profit as per profit and loss Account for the year ended 31 ³¹ March, 2018 was Rs.4, 89,950. The turnover of the firm for the year ended 31 March, 2018 amounted to Rs.20,00, 000. Pass necessary journal entries for the above transactions in the books of Sonu and Rajat.
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Date 2018 Mar31 Mar31 Mar31 Mar31 Mar31 Journal of Sonu and Rajat Parti... View the full answer
Related Book For
An Introduction to Statistical Methods and Data Analysis
ISBN: 978-1305269477
7th edition
Authors: R. Lyman Ott, Micheal T. Longnecker
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