Sonu and Rajat Started a partnership firm on April 1, 2017. They contributed Rs.8,00,000 and Rs.6,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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.
Expert Answer:
Answer rating: 100% (QA)
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
Posted Date:
Students also viewed these accounting questions
-
At the end of the year Stan Still Stationery Store had the following balances: Sales $580,000; Sales Discounts $2,540; Sales Returns and Allowances $14,280; Sales Salaries Expense $60,000. The Net...
-
The inventory at the end of the year was understated by $23,950. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
-
The inventory at the end of the year was understated by $8,750. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet at...
-
Calculate the standard entropy change for the following reactions at 25C. Comment on the sign of r S. (a) 2 Al(s) + 3 Cl 2 (g) 2 AlCl 3 (s) (b) 2 CH 3 OH() + 3 O 2 (g) 2 CO 2 (g) + 4 H 2 O(g)
-
Using the table that follows, calculate (showing all the exchange rates you used) how many dollars you would end with if you started with $1,000 and then converted the ¢ $1,000 to Swiss francs,...
-
You are to make monthly deposits of $300 into a retirement account that pays 12 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your...
-
In 2014, political consulting firm Cambridge Analytica developed an app designed to create digital profiles of individuals via their information. Cambridge Analytica collected the data by inviting...
-
Atlanta Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2014. Costs incurred for 2014 are as follows (V stands for variable; F stands for fixed): Direct...
-
There are two primary reasons that guide my approach to back up files externally. First, there's the aspect of cost savings. Investing in a hard drive with sufficient storage capacity constitutes a...
-
Reconsider the Profit & Gambit Co. problem described in Section 2.6. Suppose that the estimated data given in Table 2.2 now have been changed as shown in the table that accompanies this problem....
-
A car (of constant mass) doubles its speed while driving up a hill sloped at 45. The factor by which its momentum changes is: a) 0 b) 1 c) 2 d) 3 e) 4
-
A big chunk of the savings households up and down the income ladder built up when the pandemic started is still there...[Consumers]will also surely notice that the price of gasoline has...
-
explain two strengths of accommodating conflict resolution style and explain why( it must be related to leadership and management fundamentals)
-
Briefly explain why you would like to be placed with the a internship at the Health Department?
-
1-Compare Mexican immigration at the beginning of the 20th century with your knowledge of European immigrants in the 19th century. Why isn't there a Statue of Liberty somewhere along the US-Mexico...
-
A conflict occurs with a client because they want access to services that are in high demand. You have told the client there is a waiting list. They are not happy with this. What should you do when...
-
The next dividend payment by Hoffman, Inc., will be $3.25 per share. The dividends are anticipated to maintain a growth rate of 7 percent forever. Assume the stock currently sells for $50.10 per...
-
Complete the following acid-base reactions: (a) HCCH + NaH
-
Refer to Exercise 14.38. Verify that there are no major violations in the conditions necessary to conduct the tests in the AOV table. In exercise City A Slhudge Rate 1.0 City B Sludge Rate 1.0 City C...
-
Liberal members of Congress have asserted that the U. S. government has been expending an increasing portion of the nation's resources on the military and intelligence agencies since 1960. The...
-
Run a KruskalWallis test for the data of Exercise 8.37. Do these results confirm what you concluded from an analysis of variance? What overall conclusions can be drawn? Use α = .05. In...
-
What are the features of a legal risk management plan?
-
What are residual powers? Concurrent powers?
-
Why have business enterprises adopted codes of conduct?
Study smarter with the SolutionInn App