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)
-
What yield of ATP can be expected from complete oxidation of each of the following substrates by the reactions of glycolysis, the citric acid cycle, and oxidative phosphorylation? (a)...
-
Derive the first of Equation 2.40 for the off-axis modulus, \(E_{x}\). 2V12 E-[1 + (1-2)+1] Ex = Ey E E 1 2V12 + 1 1 G12 E2 1 E2 2V12 - E 2G12 1 1 sc E E1 E2 E2 G12 Gxy = 1 G12 Vxy = Ex ($4 V12 +c...
-
What is the probability of drawing the letters S-E-A-L, in order? You are about to draw Scrabble tiles from a bag without replacement; the bag contains the letters A, A, C, E, E, E, L, L, N, O, R, S,...
-
The data in the table below represent time study observations for a woodworking operation. a. Based on the observations, determine the standard time for the operation, assuming an allowance of 15...
-
The boxplot below displays the Grade Point Averages (GPA) of a random sample of collegiate athletes. Do the male or female athletes have more variability in their GPAs? Male- Boxplot of GPAs Female...
-
In the employee scheduling example, suppose that the company can force employees to work one day of overtime each week on the day immediately following this five-day shift. For example, an employee...
-
Which of the following statement about cash conversion cycle is true? Group of answer choices Cash conversion cycle would affect a firms profit margin Cash conversion cycle would not affect a firms...
-
Following are the number of runs scored by both teams in a sample of 20 Major League Baseball games played in a recent season. Can you conclude that the median is different from 8? Use the = 0.05...
-
The Baking Department at Rainbow Baker had a beginning work in process inventory of 6,000 cakes, completed 10,000 cakes, and had 5,000 cakes in ending work in process inventory in February:...
-
The Baking Department at Rainbow Bakery had no loaves in beginning inventory, started 15,000 loaves of bread, and completed 10,000 loaves during January. Requirements 1. What are the total loaves to...
-
The Assembly Department of Audio Manufacturers began June with no work in process inventory. During the month, production that cost \(\$ 41,200\) (direct materials, \(\$ 9,100\), and conversion...
-
Can investors rely on the accounting information given to them?
-
Problem 12-20A (Algo) Fairness and cost pool allocations LO 12-1, 12-2, 12-3, 12-4 Rooney Manufacturing Company uses two departments to make its products. Department I is a cutting department that is...
-
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...
-
Decade Petroleum incurred and paid the following costs during 2016: Record Decade Petroleum's transactions. Lease A Unproved Lease B Unproved Lease C Proved Lease D Proved Purchased Acquisition costs...
-
The Kincaid Oil Company has unproved property costs of $40,000 at January 1, 2016. During 2016, Kincaid incurred $400,000 drilling costs on Lease A. An 8%, $500,000 note is outstanding during the...
-
Duck Petroleum hires a drilling contractor to drill a well to the depth of 8,000 feet at a cost of $300,000. The $300,000 cost includes $5,000 for surface casing. Any drilling to be completed after...
Study smarter with the SolutionInn App