Krish and Shail entered into a partnership on 1st October, 2022, with capital contributions of₹ 48,000 and ₹ 36,000 respectively.On 1st January, 2023, Shail advanced a loan of ₹ 12,000 to the firm.The terms of the partnership agreement are as follows:(a) Interest on Capital to be allowed at 12% per annum.(b) Interest on Drawings to be charged @ 10% per annum.(c) Krish to be entitled to a commission of 2% on the turnover.(d) Each partner to get a salary of ₹ 1,200 per month.(v) Profits and losses to be shared in the ratio of 4:3.The turnover for the period under consideration was ₹ 2,00,000.The drawings of the partners were: Krish ₹ 4,000; Shail ₹ 2,000.The profit of the firm for the year ended 31st March, 2023, before providing for any interestwas ₹ 1,10,000.You are required to prepare for the year 2022-23:(i) Profit and Loss Appropriation Account.

Satish and Prakash are partners in a business with fixed capitals of ₹ 50,000 and ₹ 30,000 respectively. They are entitled to interest on the fixed capitals @ 5% p.a. but not on current account. Satish is entitled to a salary of ₹ 100 per month which is not yet drawn. Separate current account is maintained for each partner. Drawings are permitted interest free to the extent of opening credit balance in their current account. Drawings in excess of the limit are subject to interest at a flat rate of 8% irrespective of date of withdrawal. The opening balances in the current accounts are Satish ₹ 1,500 and Praksh ₹ 2,000. Drawings of each partner are ₹ 3,000.Net profit for the year ended 31st March, 2019 was ₹ 15,000. Divisible profits are to be shared - Satish 60% and Prakash 40% up to first ₹ 4,000. Balance is shared equally.Prepare Profit and Loss Appropriation account and Partners capital and Current Accounts.

Illustration 5. Vijay, Ajay and Suresh are partners sharing profits equally. Vijay had given loan to firm on 1st September, 2022 of 2,00,000. It was agreed that interest will be paid @ 12% p.a. Interest was paid by cheque up to February, 2023 on 1st March, 2023 and balance was paid on 5th April, 2023. Pass the Journal entries for interest on loan by partner for the year ended 31st March, 2023.​

The partners of a firm distributed the profits for the year ended 31st March, 2019, ₹90,000 in theratio of 3:2:1 without providing for the following adjustments:(i) A and B were entitled to a salary of 1,500 each per annum.(ii) B was entitled to a commission of 4,500.(iii) B and C had guaranteed a minimum profit of 35,000 p.a. to A.(iv) Profits were to be shared in the ratio of 3:3:2.Pass necessary journal entry for the above adjustments in the books of the firm.

Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were Rs. 1,20,000 and Rs.80,000 respectively. On 1st December, 2021, they decided that the total capital of the firm should be Rs.3,00,000 to be contributed by them in the ratio of 2 : 1. According to the partnership deed, interest on capital is allowed to the partners @ 6% p.a. Calculate interest on capital to be allowed for the year ending 31st March, 2022

X and Y are partners in a firm with capital of ₹18,000 and ₹20,000. Z brings ₹10,000 for his share of goodwill and he is required to bring proportionate capital for 1/3rd share in profits. The capital contribution of Z will be.​