Home » Class 12 Accountancy » NCERT Solutions for Class 12 Accountancy – Partnership Accounts – Chapter 1 – Accounting for Partnership : Basic Concepts

NCERT Solutions for Class 12 Accountancy – Partnership Accounts – Chapter 1 – Accounting for Partnership : Basic Concepts


Short answers : Solutions of Questions on Page Number : 100


Q1 :Define Partnership Deed.
Answer :  Partnership Deed is a written agreement among the partners of a partnership firm. It includes agreement on profit sharing ratio, salaries, commission of partners, interest provided on partner’s capital and drawings and interest on loan given or taken by the partners, etc. Generally following details are included in a partnership deed.
1. Objective of business of the firm
2. Name and address of the firm
3. Name and address of all partners
4. Profit and loss sharing ratio
5. Contribution to capital by each partner
6. Rights, types of roles and duties of partners
7. Duration of partnership
8. Rate of interest on capital, drawings and loans
9. Salaries, commission, if payable to partners.
10. Rules regarding admission, retirement, death and dissolution of the firm, etc.


Q2 :Why is it desirable to make the partnership agreement in writing.
Explain in 50 words.
Answer :  Partnership agreement may be oral or written. It is not compulsory to form partnership agreement in writing under the Partnership Act, 1932. However, written partnership deed is desirable than oral agreement as it helps in avoiding disputes and misunderstandings among the partners. Also, it helps in settling disputes (as the case may be) among the partners, as written partnership deed can be referred to anytime. If written partnership deed is duly signed and registered under Partnership Act, then it can be used as evidence in the court of law.


Q3 :List the items which may be debited or credited in the capital accounts of the partners when:
(i) Capitals are fixed
(ii) Capitals are fluctuating
Answer :
(i)When Capitals are fixed
The following items are credited in the Partner’s Capital Account when capital accounts are fixed.
(a) Opening balance of capital
(b) Additional capital introduced during an accounting year
The following items are debited in the Partner’s Capital Account when capital accounts are fixed.
(a) Part of capital withdrawn
(b) Closing balance of capital
(ii) When Capitals are fluctuating
The following items are credited in the Partner’s Capital Account when capital accounts are fluctuating.
(a) Opening balance of capital.
(b) Additional capital introduced during an accounting year
(c) Salaries to the partners
(d) Interest on capital
(e) Share of profit
(f) Commission and bonus to the partners
The following items are debited in the Partner’s Capital Account when capital accounts are fluctuating.
(a) Drawings made during the accounting period
(b) Interest on drawings.
(c) Share of loss.
(d) Closing balance of capital.


Q4 :Why is Profit and Loss Adjustment Account prepared? Explain.
Answer :  The Profit and Loss Adjustment Account is prepared because of the following two reasons.
1.To record omitted items and rectify errors if any- After the preparation of Profit and Loss Account and Balance Sheet, if any error or omission is noticed, then these errors or omissions are adjusted by opening Profit and Loss Adjustment Account in the subsequent accounting period without altering old Profit and Loss Account.
2.To distribute profit or loss between the partners- Sometimes, besides adjusting the items and rectifying errors, this account is also used for distribution of profit (or loss) among the partners. In this situation, this account acts as a substitute for Profit and Loss Appropriation Account. The main rationale to prepare the Profit and Loss Adjustment Account is to ascertain true profit or loss.


Q5 :Give two circumstances under which the fixed capitals of partners may change.
Answer : The following are the two circumstances under which the fixed capitals of partner may change.
(i) If any additional capital is introduced by the partner during the year.
(ii) If any part of capital is permanently withdrawn by the partner from the firm.


Q6 :If a fixed amount is withdrawn on the first day of every quarter, for what period
the interest on total amount withdrawn will be calculated?
Answer :
If a fixed amount is withdrawn on the first day of every quarter, then the interest is calculated on the amount withdrawn
for a period of seven and half ( ) months.

Example:  If a partner withdraws Rs 5,000 in the beginning of each quarter and the interest is charged @ 10% on the drawings, then interest on drawings is calculated as:
Total drawings made by the partner during the whole year are Rs 20,000, i.e. Rs 5000× 4.

Interest on drawings


Q7:In the absence of partnership deed, specify the rules relating to the following:
(i)Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Answer:
(i) Sharing of profits and losses: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.
(ii) Interest on partner’s capital: If the partnership deed is silent on interest on partner’s capital, then according to the Partnership Act of 1932, no interest on capital should be given to the partners of the firm.
(iii) Interest on partner’s drawings: If the partnership deed is silent on interest on partner’s drawings, then according to the Partnership Act of 1932, no interest on drawing should be charged from the partners of the firm for the  amount of capital withdrawn in form of drawings.
(iv) Interest on partner’s loan: If the partnership deed is silent on interest on partner’s loan, then according to the Partnership Act of 1932, the partners are entitled for 6% p.a. interest on the loan forwarded by them to the firm.
(v) Salary to a partner: If the partnership deed is silent on salary to a partner, then according to the Partnership Act of 1932, no salary should be given to any partner.


Short answers numerical questions long answers : Solutions of Questions on Page Number : 101


Q1 :Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on January 01, 2005. During the year they earned a profit of Rs 30,000. According to the partnership deed both the partners are entitled to Rs 1,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs 12,000 for Tripathi, Rs 8,000 for Chauhan. Prepare Partner’s Accounts when, capitals are fixed.
Answer :
a) If interest on Capital and Partners’ salaries and interest on drawings is charged against profit, the solution will be as:
a) If interest on Capital and Partners’ salaries and interest on drawings is charged against profit, the solution will be as:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

30,000

Triphati’s Current Account

18,000

Chauhan’s Current Account

12,000

30,000

30,000

Partners’ Capital Account

Dr.

Cr.

Particulars

Tripathi

Chauhan

Particulars

Tripathi

Chauhan

Balance b/d

60,000

40,000

Balance c/d

60,000

40,000

60,000

40,000

60,000

40,000

Partners’ Current Account

Dr.

Cr.

Particulars

Tripathi

Chauhan

Particulars

Tripathi

Chauhan

Drawings

12,000

8,000

Interest on Capital

3,000

2,000

Interest on Drawings

600

400

Partners’ Salaries

12,000

12,000

Balance c/d

20,400

17,600

Profit & Loss Appropriation

18,000

12,000

33,000

26,000

33,000

26,000

b) ) If interest on Capital and Partners’ salaries and interest on drawings is distributed out of  profit, the solution will be as:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Partners’ Salary

Profit and Loss (Profit)

30,000

Tripathi 1,000 × 12 =

12,000

Interest on Drawings

Chauhan 1,000 × 12 =

12,000

24,000

Tripathi

600

Chauhan

400

1,000

Interest on Capital

Tripathi

3,000

Chauhan

2,000

5,000

Profit Transferred to

Tripathi’s Current

1,200

Chauhan’s Current

800

2,000

31,000

31,000

Partners’ Capital Account

Dr.

Cr.

Particulars

Tripathi

Chauhan

Particulars

Tripathi

Chauhan

Balance b/d

60,000

40,000

Balance c/d

60,000

40,000

60,000

40,000

60,000

40,000

Partners’ Current Account

Dr.

Cr.

Particulars

Tripathi

Chauhan

Particulars

Tripathi

Chauhan

Drawings

12,000

8,000

Partners’ Salaries

12,000

12,000

Interest on Drawings

600

400

Interest on Capital

3,000

2,000

Balance c/d

3,600

6,400

Profit and Loss Appropriation

1,200

800

16,200

14,800

16,200

14,800

As the question is silent about the treatment of Interest on Capitals, Salary, Interest on Drawings, so we have prepared the solution by following two methods, namely:

  1. Charge against Profits
  2. Out of Profits

This was done deliberately so as to make students aware-off the two above mentioned methods and also to match the answer with that of given in the NCERT. The appropriate answer to the question following Out of Profit Method should be as
Tripathi’s Current A/c balance Rs 3,600 and Chauhan’s Current A/c balance Rs 6,400. In case no information regarding the treatment of above items is mentioned in the question, then we usually follow the Out of Profits Method.


Q2 :What is partnership? What are its chief characteristics? Explain.
Answer :  According to the Section 4 of the Partnership Act, 1932, partnership is an agreement between two or more persons who have agreed to share profits or losses of a business that will be carried by all or any one of them acting for all.
Person who joined their hands to set up the business are called ‘partners’ individually and ‘firm’ collectively and the name under which they carry out their business is termed as ‘firm name’.
Important Characteristics of Partnership
The following are the important characteristics of partnership.
1.Two or more persons:
Partnership is an agreement between two or more person coming together for a common goal. Although as per the Partnership Act of 1932, there is no maximum limit on the number of partners in a firm, but as per the Section 11 of Company Act of 1956, the maximum number of partners should not exceed 10 for banking business and 20 for any business. In case if the number of partners exceeds the aforesaid limit, then the partnership becomes illegal.
2.Partnership Deed: The partnership among the partners should be backed up by a partnership deed. A partnership deed is an agreement among the partners governing them in carrying out the proposed business. The deed may be oral or written.
3.Business: A partnership is formed to carry out a legal business. Partnerships in smuggling, black marketing etc. are illegal business activities and hence, the partnership is also illegal.
4. Sharing of profit: The profit or loss earned by a partnership firm must be distributed as per the partnership deed or equally among the partners (in absence of partnership deed). It is a very important feature of partnership. If a group is formed for charitable purpose, not to earn profit then this group will not be regarded as a partnership.
5.Liability: Liability of a partnership firm is unlimited and each partner is liable for firm’s liabilities whether individually and jointly with other partners to the third party. Moreover, each partner along with his/her co-partners is responsible for all the acts of the partnership firm.
6. Mutual agency: Partnership may be carried on by all or any one of them acting on behalf of all. It means all the partners of a firm are equally entitled to participate in the activities of the business or any one of them who is acting on behalf of all. Every partner acts as an agent for others and binds others by his/her act and in turn is bound by others by their act.


Q3 : Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
Answer :
a)Note: If Partners’ Salaries, Interest on capital and Interest on Drawing are treated as these have already adjusted in Profit and Loss Account. The Solution will be as

Profit and Loss Appropriation Account

Dr.

 

 

 

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit Transferred to Current  A/c

Profit and Loss

45,000

Anubha’s Capital

30,000

Kajal’s Capital

15,000

45,000

45,000

45,000

Partners’ Capital Account

Dr.

 

 

 

 

Cr.

Particulars

Anubha

Kajal

Particulars

Anubha

Kajal

Drawings

8,500

6,500

Balance b/d

90,000

60,000

Interest on Drawings

425

325

Partners’ Salaries

8,400

6,000

Interest on Capital

4,500

3,000

Balance c/d

1,23,975

77,175

Profit and Loss Appropriation

30,000

15,000

1,32,900

84,000

1,32,900

84,000

b) Alternative

Note: If Partners’ salaries, interest on capital and interest on drawings adjusted in Profit and Loss Appropriation Account. The solution will be as.

Profit and Loss Appropriation Account

Dr.

 

 

 

 

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Partners’ Salaries:

Profit and Loss Account

45,000

Anubha

8,400

Interest on Drawings

Kajal

6,000

14,400

Anubha

425

Kajal

325

750

Interest on Capital:

Anubha

4,500

Kajal

3,000

7,500

Profit transferred to

Anubha’s Capital

15,900

Kajal’s Capital

7,950

23,850

45,750

45,750

Partners’ Capital Account

Dr.

 

 

 

 

Cr.

Particulars

Anubha

Kajal

Particulars

Anubha

Kajal

Drawings

8,500

6,500

Balance b/d

90,000

60,000

Interest on Drawings

425

325

Partners’ Salaries

8,400

6,000

Interest on Capital

4,500

3,000

Balance c/d

1,09,875

70,125

Profit and Loss Appropriation

15,900

7,950

1,18,800

76,950

1,18,800

76,950


Q4 :Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
Answer : The following are the main provisions of the Indian partnership Act, 1932 that are relevant to the partnership accounts in absence of partnership deed.
1.Profit Sharing Ratio: If the partnership deed is silent on sharing of profit or losses among the partners of a firm, then according to the Partnership Act of 1932, profits and losses are to be shared equally by all the partners of the firm.
2.Interest on Capital: If the partnership deed is silent on interest on partner’s capital, then according to the Partnership Act of 1932, no interest on capital should be given to the partners of the firm. However, interest on capital is given only out of the profits, if mutually agreed by all the partners.
3.Interest on Drawings: If the partnership deed is silent on interest on partner’s drawings, then according to the Partnership Act of 1932, no interest on drawing should be charged from the partners of the firm for the amount of capital withdrawn in the form of drawings.
4.Interest on Partner’s Loan: If the partnership deed is silent on interest on partner’s loan, then according to the Partnership Act of 1932, the partners are entitled for 6% p.a. interest on the loan forwarded by them to the firm.
5.Salary to Partner: If the partnership deed is silent on salary to a partner, then according to the Partnership Act of 1932, no salary should be given to any partner.


Q5 :Explain why it is considered better to make a partnership agreement in writing.
Answer :  A partnership deed forms the basis of a partnership firm. A partnership deed consists of all the pre-determined terms and conditions that are agreed to by all the partners while forming the partnership. Generally the following details are included in a partnership deed.
1. Objective of business of the firm
2. Name and address of the firm
3. Name and address of all partners
4. Profit and loss sharing ratio
5. Contribution to capital by each partner
6. Rights, types of roles and duties of partners
7. Duration of partnership
8. Rate of interest on capital, drawings and loans
9. Salaries, commission, if payable to partners.
10. Rules regarding admission, retiring, death and dissolution of the firm, etc. It ensures the  A partnership deed can both be oral or written. Although, it is not compulsory to form partnership agreement in writing under the Partnership Act of 1932, however, written partnership deed is more desirable than the oral agreements. This is because it ensures the smooth functioning of the business of the partnership firm. It helps in avoiding disputes and misunderstandings among the partners. Also, it helps in settling t the disputes (as the case may be) among the partners, as written partnership deed can be referred to anytime. If written partnership deed is duly signed and registered under Partnership Act, then it can be used as evidence in the court of law. Moreover, any changes (if needed) in the partnership deed cannot be made without the consent of all the partners of the firm. Therefore, it is desirable to form partnership deed in writing because of the merits associated with written documents over its oral counterparts.


Q6 :Illustrate how interest on drawings will be calculated under various situations.
Answer :  When a partner withdraws any amount, either in cash or in any other form, from the firm for his/her personal use, then it is termed as drawings. The interest charged by the firm on the amount of drawings is termed as interest on drawings. The method of calculating interest on drawings depends on the information available for time and frequency of the drawings made by the partner. The following different situations of drawings made illustrate the calculation of interest charged on drawings.
Situation 1: When information regarding Amount, Date and Rate of Interest on drawings are given.

If a partner withdrew Rs 10,000 on May 01 and interest on drawing is charged at 10% p.a. and the firm closes its books on December 31 every year then interest of drawings amounts to Rs 667.

Situation 2: When information regarding Amount, Rate of Interest on drawings is given
Case I: If the Amount and Rate of Interest on drawings (per annumn) is given but date is not mentioned
If the details regarding the amount of drawings and rate of interest of drawings (p.a.) is given but the date of drawings is not mentioned then interest is charged on average basis and the period of drawings is taken as 6 months.
Example- If a partner withdrew Rs 10,000 and rate of interest on drawings is 10% p.a. then the interest of drawings amounts to Rs 500

Case II: If the Amount and Rate of Interest on drawings is given but the date and per annumn rate of interest is not mentioned
If the date and the rate of interest are given but per annum is not specified, then annual interest is charged.
Example- If a partner withdrew Rs 20,000 and interest rate is 10% , then the interest on drawings amounts to Rs 2,000.

Situation 3: When a fixed amount is withdrawn at regular interval

Case I: If a fixed amount is withdrawn at the beginning of each month, then the interest is calculated for 6.5 months.

Example- If a partner withdraws Rs 1,000 in the beginning of every month and the rate of interest is 10% p.a., then the interest on drawings amount to Rs 650.

Interest on drawings

Case II: If a fixed amount is withdrawn at the end of each month, then the interest is calculated for 5.5 months

Example- If a partner withdraws Rs 1,000 at the end of each month and rate of interest is 10% p.a., then the interest on drawings amount to Rs 550.

Case III: If a fixed amount is withdrawn in the middle of every month then assuming that the drawings are made on15th of every month then interest on drawings is calculated for 6 months

Example- If a partner withdraws Rs 1,000 on 15th of every month and the rate of interest is 10% p.a., then the interest on drawings amount to Rs 600.

Case IV: If a fixed amount is withdrawn in the beginning of every quarter then the interest is calculated for 7.5 months

Example- If a partner withdraws Rs 3,000 in the beginning of every quarter and the rate of interest is 10% p.a. then the interest on drawings amount to Rs 750


Q7 :How will you deal with a change in the profit sharing ratio among existing partners?
Take imaginary figures to illustrate your answer?
Answer:
Usually due to the admission, retirement or death of a partner or sometimes due to the general agreement among the partners, they may decide to change the profit sharing ratio. Various adjustments that should be considered during the change in the profit sharing ratio are , goodwill, reserves and accumulated profits, profit or loss on the revaluation of assets and liabilities and adjustment of capitals, etc. The general reserves and accumulated profits (if any) and profit (or loss) on revaluation on assets and liabilities should be credited (debited) in the Partner’s Capital Account in their old profit sharing ratio.
But if the existing partners decide to change the profit sharing ratio then some partners gain (gaining partners) at the cost of other partners (sacrificing partners). Thus, the former should compensate the latter. Therefore, the gaining Partners’ Capital Account s are debited to the extent of their gain and sacrificing Partners’ Capital Accounts are credited to extent of their sacrifice. The following Journal entry is passed.

Gaining Partner’s Capital A/c

Dr.

To Sacrificing Partner’s Capital A/c

 

(Adjustment entry passed)

 

Example:
A, B, C are partners in a firm sharing profit and loss in 3:2:1 ratio. They decide to share profit and loss equally in future. On that date, the books of the firm shows Rs 1,20,000 as general reserve, profit due to revaluation of building Rs 30,000. The following adjustment entry is passed through the capital accounts without affecting the books of accounts.

Particulars

A

B

C

Share of profit as per 3:2:1 

60,000

40,000

20,000

Profit on revaluation of building

15,000

10,000

5,000

 

 

 

 

 

75,000

50,000

25,000

Share of profit as per 1:1:1

50,000

50,000

5,000

 

 

 

 

Difference (Gain or Loss)

25,000

25,000

 

(Loss)

 

(Gain)

 

 

 

 

Hence, in this example, C gains at the cost of A, so the partner A needs to be compensated by C with the amount of Rs 25,000. The following adjustment entry is passed.

 

 

 

 

C’s Capital A/c

Dr.

25,000

 

To A’s Capital A/c

 

 

25,000

( Adjustment entry passed)

 

 

 

 

 

 

 

 


Numerical questions : Solutions of Questions on Page Number : 102


Q1 : Harshad and Dhiman are in partnership since April 01, 2006. No Partnership agreement was made. They contributed Rs 4,00,000 and 1,00,000 respectively as capital. In addition, Harshad advanced an amount of Rs 1,00,000 to the firm, on October 01, 2013. Due to long illness, Harshad could not participate in business activities from August 1, to September 30, 2006. The profits for the year ended March 31, 2006 amounted to Rs 1,80,000. Dispute has arisen between Harshad and Dhiman.
Harshad Claims:
(i) He should be given interest @ 10% per annum on capital and loan;
(ii) Profit should be distributed in proportion of capital;
Dhiman Claims:
(i) Profits should be distributed equally;
(ii) He should be allowed Rs 2,000 p.m. as remuneration for the period he managed the business, in the absence of Harshad;
(iii) Interest on Capital and loan should be allowed @ 6% p.a.
You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit and Loss Appropriation Account.
Answer:
DISTRIBUTION OF PROFITS
Harshad Claims:
Decisions
(i) If there is no agreement on interest on partner’s capital, according to Indian partnership act 1932, no interest will be allowed to partners.
(ii) No salary will be allowed to any partner because there is no agreement on matter of remuneration.
(iii) Dhiman’s claim is not justified on the matter of interest on capital but justified on the matter of interest on loan. If there is no agreement on interest on partner’s loan, Interest shall be provided at 6% p.a.

Profit and Loss Adjustment Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Partner’s Loan

Profit and Loss

1,80,000

Harshad 1,00,000 × (6/100) × (6/12)

3,000

Profit and Loss Appropriation

1,77,000

1,80,000

1,80,000

 

Profit and Loss Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss Adjustment

1,77,000

Harshad’s Capital

88,500

Sharma’s Capital

88,500

1,77,000

1,77,000

 


Q2 : Aakriti and Bindu entered into partnership for making garment on April 01, 2013 without any Partnership agreement. They introduced Capitals of Rs 5,00,000 and Rs 3,00,000 respectively on October 01, 2013. Aakriti Advanced. Rs 20,000 by way of loan to the firm without any agreement as to interest. Profit and Loss account for the year ended March 2014 showed profit of Rs 43,000. Partners could not agree upon the question of interest and the basis of division of profit. You are required to divide the profits between them giving reason for your solution.
Answer:

Profit and Loss Adjustment Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Partner’s Loan

Profit and Loss

43,000

Aakriti 20,000 × (6/100) × (6/12)

600

Profit transferred to

Aakriti’s Capital

21,200

Bindu’s Capital

21,200

42,400

43,000

43,000

Reason
a) Interest on partners loan shall be allowed at 6% p.a. because there is no partnership agreement.
b) Interest on capital shall not be allowed because there is no agreement on interest on capital.
c) Profit shall be distributed equally because profit sharing ratio has not been given.


Q3 : Rakhi and Shikha are partners in a firm, with capitals of Rs 2,00,000 and Rs 3,00,000 respectively. The profit of the firm, for the year ended 2013-14 is Rs 23,200. As per the Partnership agreement, they share the profit in their capital ratio, after allowing a salary of Rs 5,000 per month to Shikha and interest on Partner’s capital at the rate of 10% p.a. During the year Rakhi withdrew Rs 7,000 and Shikha Rs 10,000 for their personal use. You are required to prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts.
Answer:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Partner’s Salaries

Profit and Loss

23,200

Shikha

60,000

Loss transferred to

Rakhi Capital

34,720

Interest on Capital

Shikha’s Capital

52,080

86,800

Rakhi

20,000

Shikha

30,000

50,000

1,10,000

1,10,000

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Rakhi

Shikha

Particulars

Rakhi

Shikha

Drawings

7,000

10,000

Balance b/d

2,00,000

3,00,000

Profit & Loss Appropriation

34,720

52,080

Partner’s Salaries

60,000

Balance c/d

1,78,280

3,27,920

Interest on Capital

20,000

30,000

2,20,000

3,90,000

2,20,000

3,90,000

If interest on capital and salaries will be provided out of profit

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Partner’s Salaries

Profit and Loss

23,200

Shikha {23,200 × (6/11)}

12,655

Interest on Capital

Rakhi {23,200 × (2/11)}

4,218

Shikha {23,200 × (3/11)}

6,327

23,200

23,200

If profit is less than the sum of distributable items, distribution shall be in proportion of items for distribution.

Partners Salaries

Ratio

Shikhar (Rs 60,000)

6

23,200 × (6/11)

12,655

Interest on Capital

Rakhi (Rs 20,000)

2

23,200 × (2/11)

4,218

Shikhar (Rs 30,000)

3

23,200 × (3/11)

6,327

11

23,200

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Rakhi

Shikha

Particulars

Rakhi

Shikha

Drawings

7,000

10,000

Balance b/d

2,00,000

3,00,000

Partner’s Salaries

12,655

Balance c/d

1,97,218

3,08,972

Interest on Capital

4,218

6,327

2,04,218

3,18,972

2,04,218

3,18,972

 


Q4 : Lokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of Rs 50,000 and Rs 30,000, respectively. Interest on capital is agreed to be paid @ 6% p.a. Azad is allowed a salary of Rs 2,500 p.a. During 2013, the profits prior to the calculation of interest on capital but after charging Azad’s salary amounted to Rs 12,500. A provision of 5% of profits is to be made in respect of manager’s commission. Prepare accounts showing the allocation of profits and partner’s capital accounts.
Answer:

Profit and Loss Adjustment Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

By Profit and Loss (12,500 + 2,500)

15,000

Lokesh

3,000

Azad

1,800

4,800

Partner’s Salaries

Azad

2,500

Provision for

Manager’s Commission 15,000 × (5/100)

750

Profit transferred to

Lokesh Capital

4,170

Azad Capital

2,780

6,950

15,000

15,000

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Lokesh

Azad

Particulars

Lokesh

Azad

Balance b/d

50,000

30,000

Interest on Capital

3,000

1,800

Balance c/d

57,170

37,080

Partner’s Salaries

2,500

Profit and Appropriation

4,170

2,780

57,170

37,080

57,170

37,080


Q5 :The partnership agreement between Maneesh and Girish provides that:
(i) Profits will be shared equally;
(ii) Maneesh will be allowed a salary of Rs 400 p.m;
(iii) Girish who manages the sales department will be allowed a commission equal to 10% of the net profits, after allowing Maneesh’s salary;
(iv) 7% interest will be allowed on partner’s fixed capital;
(v) 5% interest will be charged on partner’s annual drawings;
(vi) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs 80,000, respectively. Their annual drawings were Rs 16,000 and 14,000, respectively. The net profit for the year ending March 31, 2006 amounted to Rs 40,000;
Prepare firm’s Profit and Loss Appropriation Account.
Answer :

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Partner’s Salary

Profit and Loss

40,000

Maneesh

4,800

Interest on Drawings

Maneesh

800

Partner’s commission

Girish

700

1,500

Girish {(40,000 –
4,800) × (10/100)}

3,520

Interest on Capital

Mannesh

7,000

Girish

5,600

12,600

Profit transferred to

Maneesh’s Current

10,290

Girish’s Current

10,290

20,580

41,500

41,500

 


Q6 :Ram, Raj and George are partners sharing profits in the ratio 5 : 3 : 2. According to the partnership agreement George is to get a minimum amount of Rs 10,000 as his share of profits every year. The net profit for the year 2006 amounted to Rs 40,000. Prepare the Profit and Loss Appropriation Account.
Answer :

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

40,000

Ram’s Capital (20,000 – 1,250)

18,750

Raj’s Capital (12,000 – 750)

11,250

George’s Capital (8,000 + 1,250 + 750)

10,000

40,000

40,000


Q7 : Amann, Babita and Suresh are partners in a firm. Their profit sharing ratio is 2:2:1. Suresh is guaranteed a minimum amount of Rs 10,000 as share of profit, every year. Any deficiency on that account shall be met by Babita. The profits for two years ending December 31, 2005 and December 31, 2006 were Rs 40,000 and Rs 60,000, respectively. Prepare the Profit and Loss Appropriation Account for the two years.
Answer :

Profit and Loss Appropriation Account for the year 2012

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

40,000

Amann’s Capital 16,000

16,000

Babita’s Capital (16,000 – 2,000)

14,000

Suresh’s Capital (8,000 + 2,000)

10,000

40,000

40,000

 

Profit and Loss Appropriation Account for the year 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

60,000

Amann’s Capital

24,000

Babita’s Capital

24,000

Suresh’s Capital

12,000

60,000

60,000


Q8:Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31, 2013 shows a net profit of Rs 1,50,000. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information:
(i)Partners capital on April 1, 2012;
Simmi, Rs 30,000; Sonu, Rs 60,000;
(ii)Current accounts balances on April 1, 2012;
Simmi, Rs 30,000 (cr.); Sonu, Rs 15,000 (cr.);
(iii)Partners drawings during the year amounted to
Simmi, Rs 20,000; Sonu, Rs 15,000;
(iv)Interest on capital was allowed @ 5% p.a.;
(v)Interest on drawing was to be charged @ 6% p.a. at an average of six months;
(vi)Partners’ salaries : Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners’ current accounts.
Answer:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

Profit and Loss Account

1,50,000

Simmi

1,500

Interest on Drawings

Sonu

3,000

4,500

Simmi

600

Sonu

450

1,050

Partners’ Salaries

Simmi

12,000

Sonu

9,000

21,000

Profit transferred to

Simmi’s Current

94,162

Sonu’s Current

31,388

1,25,550

1,51,050

1,51,050

 

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Simmi

Sonu

Particulars

Simmi

Sonu

Balance b/d

30,000

60,000

Balance c/d

30,000

60,000

30,000

60,000

30,000

60,000

 

Partners’ Current Account

Dr.

Cr.

Particulars

Simmi

Sonu

Particulars

Simmi

Sonu

Drawings

20,000

15,000

Balance b/d

30,000

15,000

Interest on Drawings

600

450

Interest on Capital

1,500

3,000

Partners’ Salaries

12,000

9,000

Balance c/d

1,17,662

43,388

Profit and Loss Appropriation

94,162

31,388

1,37,662

58,388

1,37,662

58,388

Note: As per solution the amount transferred to Simmi’s Current Account is Rs 94,162 and Sonu’s Current Account is Rs 31,388, however, the answer provided in book is profit transferred to Simmi’s Account is Rs 92,587 and Sonu’s Account is Rs 30,863.


Q9 : Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were Rs 80,000 and Rs 60,000 respectively. The firm started business on April 1, 2013. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of Rs 2,000 and Rs 3,000, respectively.
The profits for year ended March 31, 2013* before making above appropriations was Rs 1,00,300. The drawings of Ramesh and Suresh were Rs 40,000 and Rs 50,000, respectively. Interest on drawings amounted to Rs 2,000 for Ramesh and Rs 2,500 for Suresh. Prepare Profit and Loss Appropriation Account and partners’ capital accounts, assuming that their capitals are fluctuating.
*This date should be March 31, 2014
Answer:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

Profit and Loss

1,00,300

Ramesh

9,600

Interest on Drawings

Suresh

7,200

16,800

Ramesh

2,000

Suresh

2,500

4,500

Partners’ Salaries

Ramesh

24,000

Suresh

36,000

60,000

Profit Transferred to

Ramesh’s Capital {28,000 × (4/7)}

16,000

Suresh’s Capital {28,000 × (3/7)}

12,000

1,04,800

1,04,800

Partners’ Capital Account

Dr.

Cr.

Particulars

Ramesh

Suresh

Particulars

Ramesh

Suresh

Drawings

40,000

50,000

Cash

80,000

60,000

Interest on Drawings

2,000

2,500

Interest on Capital

9,600

7,200

Balance c/d

87,600

62,700

Partners’ Salaries

24,000

36,000

Profit & Loss Appropriation

16,000

12,000

1,29,600

1,15,200

1,29,600

1,15,200

Capital Ratio

=

Ramesh

:

Suresh

80,000

:

60,000

4

:

3

 

 


Q10 : Sukesh and Vanita were partners in a firm. Their partnership agreement provides that:
(i) Profits would be shared by Sukesh and Vanita in the ratio of 3:2;
(ii) 5% interest is to be allowed on capital;
(iii) Vanita should be paid a monthly salary of Rs 600.
The following balances are extracted from the books of the firm, on December 31, 2013.

Sukesh

Verma*

Rs

Rs

Capital Accounts

40,000

40,000

Current Accounts

(Cr.) 7,200

(Cr.) 2,800

Drawings

10,850

8,150

Net profit for the year, before charging interest on capital and after charging partner’s salary was Rs 9,500. Prepare the Profit and Loss Appropriation Account and the Partner’s Current Accounts.
*As per the question, it should be Vanita instead of Verma

Answer

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

Profit and Loss

9,500

Sukesh

2,000

Vanita

2,000

4,000

Profit transferred to

Sukesh’s Current {5,500 × (3/5)}

3,300

Vanita’s Current {28,000 × (2/5)}

2,200

9,500

9,500

Partner’s Capital Account

Dr.

Cr.

Particulars

Sukesh

Vanita

Particulars

Sukesh

Vanita

Balance b/d

40,000

40,000

Balance c/d

40,000

40,000

40,000

40,000

40,000

40,000

Partner’s Current Account

Dr.

Cr.

Particulars

Sukesh

Vanita

Particulars

Sukesh

Vanita

Drawings

10,850

8,150

Balance b/d

7,200

2,800

Partner’s Salaries

7,200

Profit and Loss Appropriation

3,300

2,200

Balance c/d

1,650

6,050

Interest on capital

2,000

2,000

12,500

14,200

12,500

14,200


Q11 : Rahul, Rohit and Karan started partnership business on April 1, 2013 with capitals of Rs 20,00,000, Rs 18,00,000 and Rs 16,00,000, respectively. The profit for the year ended March 2014 amounted to Rs 1,35,000 and the partner’s drawings had been Rahul Rs 50,000, Rohit Rs 50,000 and Karan Rs 40,000. The profits are distributed among partner’s in the ratio of 3:2:1. Calculate the interest on capital @ 5% p.a.
Answer:
Interest on Capital

Rahul = 20,00,000 × = Rs 1,00,000

Rohit = 18,00,000 × = Rs 90,000

Karan = 16,00,000 ×= Rs 80,000


Q12 :Sunflower and Pink Rose started partnership business on April 01, 2013 with capitals of Rs 2,50,000 and Rs 1,50,000, respectively. On October 01, 2013, they decided that their capitals should be Rs 2,00,000 each. The necessary adjustments in the capitals are made by introducing or withdrawing cash. Interest on capital is to be allowed @ 10% p.a. Calculate interest on capital as on March 31, 2014.
Answer:

Product Method

Sunflower

01 April 2013 to 30 September 2013

2,50,000 × 6 =

15,00,000

01 October 2013 to 31 March 2014

2,00,000 × 6 =

12,00,000

Sum of Product

27,00,000

Pink Rose

01 April 2013 to 30 September 2013

1,50,000 × 6 =

9,00,000

01 October 2013 to 31 March 2014

2,00,000 × 6 =

12,00,000

Sum of Product

21,00,000

Interest on Capital =

Sum of Product ×

Rate

×

1

100

12

Interest on Sunflower’s Capital =

27,00,000 ×

10

×

1

Rs 22,500

100

12

Interest on Pink Rose’s Capital =

21,00,000 ×

10

×

1

Rs 17,500

100

12

Alternative Method:

Simple Interest Method

Sunflower

April 01, 2013 to September 30, 2013

2,50,000 ×

10

×

6

=

Rs 12,500

100

12

October 01, 2013 to March 31, 2014

2,00,000 ×

10

×

6

=

Rs 10,000

100

12

Interest on Sunflower’s Capital

Rs 22,500

Pink Rose

April 01, 2013 to September 30, 2013

1,50,000 ×

10

×

6

=

Rs 7,500

100

12

October 01, 2013 to March 31, 2014

2,00,000 ×

10

×

6

=

Rs 10,000

100

12

Interest on Pink Rose’s Capital

Rs 17,500

 


Q13 : On March 31, 2013 after the close of accounts, the capitals of Mountain, Hill and Rock stood in the books of the firm at Rs 4,00,000, Rs 3,00,000 and Rs 2,00,000, respectively. Subsequently, it was discovered that the interest on capital @ 10% p.a. had been omitted. The profit for the year amounted to Rs 1,50,000 and the partner’s drawings had been Mountain: Rs 20,000, Hill Rs 15,000 and Rock Rs 10,000. Calculate interest on capital.
Answer:
Generally interest on Capital is calculated on opening balance of capital. If additional capital is not given.

Mountain

Hill

Rock

Closing Capital

4,00,000

3,00,000

2,00,000

Add: Drawings

20,000

15,000

10,000

Less: Profit (1:1:1)

(50,000)

(50,000)

(50,000)

Opening Capital

3,70,000

2,65,000

1,60,000

Interest on Capital

Mountain 3,70,000 × = Rs 37,000
Hill 2,65,000 × = Rs 26,500
Rock 1,60,000 × = Rs 16,000

 


Q14 : Following is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2013:

Balance Sheet as at March 31, 2013

Amount

Amount

Liabilities

Rs

Assets

Rs

Neelkant’s Capital

10,00,000

Sundry Assets

30,00,000

Mahadev’s Capital

10,00,000

Neelkant’s Current Account

1,00,000

Mahadev’s Current Account

1,00,000

Profit and Loss Apprpriation

(March 2007*)

8,00,000

30,00,000

30,00,000

During the year Mahadev’s drawings were Rs 30,000. Profits during 2013 is Rs 10 ,00,000 . Calculate interest on capital @ 5% p.a for the year ending March 31, 2013.
* As per the question, this year should be March 2013
Answer:
Interest on Capital
Neelkant’s 10,00,000 × = Rs 50,000
Mahadev’s 10,00,000 × = Rs 50,000

Note: In this question, as the balances of both Partner’s Capital Account and of Partner’s Current Account are mentioned, so it has been assumed that the capital of the partners is fixed.
As we know, when the capital of the partners is fixed, drawings and interest on capital does not affect the capital balances of the partners. Rather, it would affect their current account balances. Therefore, in this case, capital at the beginning (i.e. opening capital) and capital at the end (i.e. closing capital) of the year would remain same. Thus, the interest on capital is calculated on fixed capital balances (given in the Balance Sheet of the question).


Q15 : Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2013.

May 01, 2012

Rs 12,000

July 31, 2012

Rs 6,000

September 30, 2012

Rs 9,000

November 30, 2012

Rs 12,000

January 01, 2013

Rs 8,000

March 31, 2013

Rs 7,000

Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.
Answer:
Product Method

Drawings × Period

Product

01 May, 2012 to 31 March 2013

12,000 × 11 =

1,32,000

31 July, 2012 to 31 March 2013

6,000 × 8 =

48,000

30 September, 2012 to 31 March 2013

9,000 × 6 =

54,000

30 Nov. 2012 to 31 March 2013

12,000 × 4 =

48,000

01 Jan. 2013 to 31 March 2013

8,000 × 3 =

24,000

31 March 2013 to 31 March 2013

7,000 × 0 =

0

Sum of Product

3,06,000

Here the formula will be

Interest on Drawings = Product ×

= 3,06,000 ×

= Rs 2,295


Q16: The capital accounts of Moli and Golu showed balances of Rs 40,000 and Rs 20,000 as on April 01, 2013. They shared profits in the ratio of 3:2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a. Golu advanced a loan of Rs 10,000 to the firm on August 01, 2013. During the year, Moli withdrew Rs 1,000 per month at the beginning of every month whereas Golu withdrew Rs 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments was Rs 20,950. Calculate interest on drawings show distribution of profits and prepare partner’s capital accounts.
Answer:
Interest on Moli’s Drawing = Total Drawings ×

=

= Rs 780

Interest on Golu’s Drawings = Total Drawing ×

=

= Rs 660

Profit and Loss Adjustment Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

Profit and Loss Account

20,950

Moli

4,000

Interest on Drawings

Golu

2,000

6,000

Moli

780

Golu

660

1,440

Interest on Partner’s Loan

Golu’s {10,000 × (6/100) × (8/12)}

400

Profit transferred to

Moli’s Capital {15,990 × (3/5)}

9,594

Golu’s Capital {15,990 × (2/5)}

6,396

15,990

22,390

22,390

 

Partners’ Capital Account

Dr.

Cr.

Particulars

Moli

Golu

Particulars

Moli

Golu

Drawings

12,000

12,000

Balance b/d

40,000

20,000

Interest on Drawing

780

660

Interest on Capital

4,000

2,000

Balance c/d

40,814

15,736

Profit and Loss Adjustment

9,544

6,396

53,594

28,396

53,594

28,396

 


Q17: Rakesh and Roshan are partners, sharing profits in the ratio of 3:2 with capitals of Rs 40,000 and Rs 30,000, respectively. They withdrew from the firm the following amounts, for their personal use:

Rakesh

Month

Rs

May 31, 2013

600

June 30, 2013

500

August 31, 2013

1,000

November 1, 2013

400

December 31, 2013

1,500

January 31, 2014

300

March 01, 2014

700

Rohan

At the beginning of each month

400

Interest is to be charged @ 6% p.a. Calculate interest on drawings, assuming that book of accounts are closed on March 31, 2014, every year.
Answer:

Rakesh’s Interest on Drawings

Drawings × Period

Product

31 May 2013 to 31 March 2014

600 × 10 =

6,000

30 June 2013 to 31 March 2014

500 × 9 =

4,500

31 August 2013 to 31 March 2014

1,000 × 7 =

7,000

1 November 2013 to 31 March 2014

400 × 5 =

2,000

31 December 2013 to 31 March 2014

1,500 × 3 =

4,500

31 January 2014 to 31 March 2014

300 × 2 =

6,00

01 March 2014 to 31 March 2014

700 × 1 =

700

Sum of Product

25,300

Interest = Sum of Product ×

=

= Rs 126.5

Interest on Rohan’s Capital

= Total Drawing ×

= Rs 156
Note: As per the solution the amount of interest on drawings of Rakesh is Rs 126.5, whereas the answer provided in the book is Rs 102.


Q18: Himanshu withdrews Rs 2,500 at the end Month of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2013.
Answer:

Total Drawing of Himanshu = Rs 2,500 × 12 = Rs 30,000

Interest on Drawing = Total Drawings ×

 

= Rs 1,650


Q19: Bharam is a partner in a firm. He withdraws Rs 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
Answer:
Total Drawing of Bharam = Rs 3,000 ×12 = Rs 36,000

Interest on Drawing = Total Drawings ×

 

= Rs 1,950


Q20: Raj and Neeraj are partners in a firm. Their capitals as on April 01, 2013 were Rs 2,50,000 and Rs 1,50,000, respectively. They share profits equally. On July 01, 2013, they decided that their capitals should be Rs 1,00,000 each. The necessary adjustment in the capitals were made by introducing or withdrawing cash by the partners’. Interest on capital is allowed @ 8% p.a. Compute interest on capital for both the partners for the year ending on March 31, 2014.
Answer:
Interest on Capital
Raj

Capital × Period

Product

1 April 2013 to 30 June 2013

2,50,000 × 3 =

7,50,000

1 July 2013 to 31 March 2014

1,00,000 × 9 =

9,00,000

Sum of Product

16,50,000

Interest = Sum of Product ×
= 16,50,000 ×
= Rs 11,000

Neeraj

Capital × Period

Product

1 April 2013 to 30 June 2013

1,50,000 × 3 =

4,50,000

1 July 2013 to 31 March 2014

1,00,000 × 9 =

9,00,000

Sum of Product

13,50,000

Interest = 13,50,000 × = Rs 9,000

 


Q21: Amit and Bhola are partners in a firm. They share profits in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @ 10% p.a. Their drawings during 2013 were Rs 24,000 and Rs 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year.
Answer:

Interest on Drawings = Drawings ×

Amit = 24,000 × = Rs 1,200

Bhola = 16,000 × = Rs 800


Q22: Harish is a partner in a firm. He withdrew the following amounts during the year 2013 :

Rs

February 01

4,000

May 01

10,000

June 30

4,000

October 31

12,000

December 31

4,000

Interest on drawings is to be charged @ 7.5 % p.a.
Calculate the amount of interest to be charged on Harish’s drawings for the year ending December 31, 2013.
Answer:
Calculation of interest on Harish’s drawings

Drawings × Period

Product

01 Feb. 13 to 31 Dec. 13

4,000 × 11 =

44,000

01 May 13 to 31 Dec. 13

10,000 × 8 =

80,000

30 June 13 to 31 Dec. 13

4,000 × 6 =

24,000

31 Oct. 13 to 31 Dec. 13

12,000× 2 =

24,000

31 Dec. 13 to 31 Dec. 13

4,000 × 0 =

0

Sum of Product

1,72,000

Interest on drawings = 1,72,000 × = Rs 1,075


Q23:Menonand Thomas are partners in a firm. They share profits equally. Their monthly drawings are Rs 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning
of every month, (ii) in the middle of every month, and (iii) at the end of every month.
Answer:

Case(i) If they withdraw money in the beginning of each month
Interest of drawings = Total drawings × Rate ×

Menon’s = 24,000 × = Rs 1,300

Thomas’s = 24,000 × = Rs 1,300

Case (ii) If they withdraw in the middle of every month

Interest on Drawings = Total drawings ×
Menon’s = 24,000 × = Rs 1,200

Thomas’s = 24,000 × = Rs 1,200

Case (iii) If they withdraw at the end of every month.
Interest on drawings = Total drawings ×
Menon’s = 24,000 × = Rs 1,100

Thomas’s = 24,000 × = Rs 1,100


Q24: On March 31, 2013, after the close of books of accounts, the capital accounts of Ram, Shyam and Mohan showed balance of Rs 24,000 Rs 18,000 and Rs 12,000, respectively. It was later discovered that interest on capital @ 5% had been omitted. The profit for the year ended March 31, 2003*, amounted to Rs 36,000 and the partner’s drawings had been Ram, Rs 3,600; Shyam, Rs 4,500 and Mohan, Rs 2,700. The profit sharing ratio of Ram, Shyam and Mohan was 3:2:1. Calculate interest on capital.
As per the question, this year should be March 31, 2013
Answer:

Ram

Shyam

Mohan

Capital on March 31

24,000

18,000

12,000

Add: Drawings

3,600

4,500

2,700

Less: Profit (3:2:1)

(18,000)

(12,000)

(6,000)

Capital April 01, 2012

9,600

10,500

8,700

Here, Interest on Capital = Opening Capital ×

Ram’s = = Rs 480

Shyam’s = = Rs 525

Mohan’s = 8,700 × = Rs 435


 

Q25: Amit, Sumit and Samiksha are in partnership sharing profits in the ratio of 3:2:1. Samiksha’ share in profit has been guaranteed by Amit and Sumit to be a minimum sum of Rs 8,000. Profits for the year ended March 31, 2013 was Rs 36,000. Divide profit among the partners.
Answer:
Guarantee of Profit to the partners

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

36,000

Amit’s Capital

18,000

Less: Gurantee to Samiksha

{2,000 × (3/5)}

(1,200)

16,800

Sumit’s Capital

12,000

Less: Gurantee to Samiksha

{2,000 × (2/5)}

(800)

11,200

Samiksha Capital

6,000

Add: Amit’s Guarantee

1,200

Add: Sumit’s Guarantee

800

8,000

36,000

36,000

 


Q26: Pinki, Deepati and Kaku are partner’s sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5,000. Deficiency, if any, would be borne by Pinki and Deepti equally. Profits for the year amounted to Rs 40,000. Record necessary journal entries in the books of the firm showing the distribution of profit.
Answer:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit & Loss

40,000

Pinki’s Capital

20,000

Less: Gurantee to Kaku
{1,000 × (1/2)}

(500)

19,500

Deepti’s Capital

16,000

Less: Guarantee to Kaku
{1,000 × (1/2)}

(500)

15,500

Kaku’s Capital

4,000

Add: Deficiency received from

Pinki

500

Deepti

500

5,000

40,000

40,000

 


Q27: Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of Rs 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2013 and 2014 are Rs 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.
Answer:

 

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

40,000

Abhay’s Capital

20,000

Siddharth’s Capital

12,000

Less: Guarantee to Kusum’s

(2,000)

10,000

Kusum’s Capital

8,000

Add: Deficiency received from Siddharth

2,000

10,000

40,000

40,000

 

Profit and Loss Appropriation Account as on March 31, 2014

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

60,000

Abhay’s Capital

30,000

Siddharth’s Capital

18,000

Kusum’s Capital

12,000

60,000

60,000

 


Q28: Radha, Mary and Fatima are partners sharing profits in the ratio of 5:4:1. Fatima is given a guarantee that her share of profit, in any year will not be less than Rs 5,000. The profits for the year ending March 31, 2013 amounts to Rs 35,000. Shortfall if any, in the profits guaranteed to Fatima is to be borne by Radha and Mary in the ratio of 3:2. Record necessary journal entry to show distribution of profit among partner.
Answer:

Profit and Loss Appropriation Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

35,000

Radha’s Capital

17,500

Less: Fatima’s Deficiency {1,500 × (3/5)}

(900)

16,600

Mary’s Capital

14,000

Less: Fatima’s Deficiency {1,500 × (2/5)}

(600)

13,400

Fatima’s Capital

3,500

Add: Deficiency born by

Radha

900

Mary

600

5,000

40,000

35,000

 

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

Profit and Loss Appropriation A/c

Dr.

35,000

To Radha’s Capital A/c

16,600

To Mary’s Capital A/c

13,400

To Fatima’s Capital A/c

5,000

(Profit distributed among Partners)

Alternative Method

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

Profit and Loss Appropriation A/c

Dr.

35,000

To Radha’s Capital A/c

17,500

To Mary’s Capital A/c

14,000

To Fatima’s Capital A/c

3,500

(Profit distributed among Partners)

Radha’s Capital A/c

Dr.

900

Mary’s Capital A/c

Dr.

600

To Fatima’s Capital A/c

1,500

(Deficiency of Fatima’s Share taken from Radha and

Mary)


Q29: X, Y and Z are in Partnership, sharing profits and losses in the ratio of 3 : 2 : 1, respectively. Z’s share in the profit is guaranteed by X and Y to be a minimum of Rs 8,000. The net profit for the year ended March 31, 2013 was Rs 30,000. Prepare Profit and Loss Appropriation Account, indicating the amount finally due to each partner.
Answer:

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

30,000

X’s Capital

15,000

Less: Z’s Deficiency {3,000 × (3/5)}

(1,800)

13,200

Y’s Capital

10,000

Less: Z’s Deficiency {3,000 × (2/5)}

(1,200)

8,800

Z’s Capital

5,000

Add: Share of Deficiency born by

Radha

1,800

Mary

1,200

8,000

30,000

30,000

 


Q30: Arun, Boby and Chintu are partners in a firm sharing profit in the ratio or 2:2:1. According to the terms of the partnership agreement, Chintu has to get a minimum of Rs 60,000, irrespective of the profits of the firm. Any Deficiency to Chintu on Account of such guarantee shall be borne by Arun. Prepare the profit and loss appropriation account showing distribution of profits among partners in case the profits for year 2013 are: (i) Rs 2,50,000; (ii) 3,60,000.
Answer:
Case(i)

 

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

2,50,000

Arun’s Capital

1,00,000

Less: Chintu’s share of deficiency

(10,000)

90,000

Bobby’s Capital

1,00,000

Chintu’s Capital

50,000

Add: Deficiency received from Arun

10,000

60,000

2,50,000

2,50,000

Case (ii)

 

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

3,60,000

Arun’s Capital {3,60,000 × (2/5)}

1,44,000

Bobby’s Capital {3,60,000 × (2/5)}

1,44,000

Chintu’s Capital {3,60,000 × (1/5)}

72,000

3,60,000

3,60,000


Q31: Ashok, Brijesh and Cheena are partners sharing profits and losses in the ratio of 2 : 2 : 1. Ashok and Brijesh have guaranteed that Cheena share in any year shall be less than Rs 20,000. The net profit for the year ended March 31, 2013 amounted to Rs 70,000. Prepare Profit and Loss Appropriation Account.
Answer:

 

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit transferred to

Profit and Loss

70,000

Ashok’s Capital

28,000

Less: Cheena’s share of deficiency {6,000 × (1/2)}

(3,000)

25,000

Brijesh’s Capital

28,000

Less: Cheena’s share of deficiency {6,000 × (1/2)}

(3,000)

25,000

Cheena’s Capital

14,000

Add: Deficiency received from

Ashok

3,000

Brijesh

3,000

20,000

70,000

70,000


Q32: Ram, Mohan and Sohan are partners with capitals of Rs 5,00,000, Rs 2,50,000 and 2,00,000 respectively. After providing interest on capital @ 10% p.a. the profits are divisible as follows:
Ram 1/2 , Mohan 1/3 Sohan 1/6 . But Ram and Mohan have guaranteed that Sohan’s share in the profit shall not be less than Rs 25,000, in any year. The net profit for the year ended March 31, 2013 is Rs 2,00,000, before charging interest on capital. You are required to show distribution of profit.
Answer:

Profit and Loss Appropriation A/c as on 31 March 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Interest on Capital

Profit and Loss

2,00,000

Ram

50,000

Mohan

25,000

Sohan

20,000

95,000

Profit Transferred to

Ram’s Capital

52,500

Less: Share of deficiency {7,500 × (3/5)}

(4,500)

48,000

Mohan’s Capital

35,000

Less: Share of deficiency {7,500 × (2/5)}

(3,000)

32,000

Sohan’s Capital

17,500

Add: Deficiency received from

Ram

4,500

Mohan

3,000

25,000

2,00,000

2,00,000

 


Q33: Amit, Babita and Sona form a partnership firm, sharing profits in the ratio of 3 : 2 : 1, subject to the following :

(i) Sona’s share in the profits, guaranteed to be not less than Rs 15,000 in any year.
(ii) Babita gives guarantee to the effect that gross fee earned by her for the firm shall be equal to her average gross fee of the proceeding five years, when she was carrying on profession alone (which is Rs 25,000). The net profit for the year ended March 31, 2013 is Rs 75,000. The gross fee earned by Babita for the firm was Rs 16,000.

You are required to show Profit and Loss Appropriation Account (after giving effect to the alone).
Answer:

Profit and Loss Appropriation Account as on March 31, 2013

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Profit Transferred to

Profit and Loss

75,000

Amit’s Capital {84,000 × (3/6)}

42,000

Babita’s Capital

9,000

Less: Sona’s share of deficiency {1,000 × (3/5)}

(600)

41,400

(Deficiency of Fees 25,000 – 16,000)

Babita’s Capital {84,000 × (2/6)}

28,000

Less: Sona’s share of deficiency {1,000 × (2/5)}

(400)

27,600

Sona’s Capital {84,000 × (1/6)}

14,000

Add: Deficiency received from

Amit

600

Babita

400

15,000

84,000

84,000

 


Q34: The net profit of X, Y and Z for the year ended March 31, 2006 was Rs 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under mentioned transactions were not recorded in the books :

(i) Interest on Capital @ 5% p.a.
(ii) Interest on drawings
amounting to X Rs 700, Y Rs 500 and Z Rs 300.
(iii) Partner’s Salary :
X Rs 1000, Y Rs 1500 p.a.

The capital accounts of partners were fixed as : X Rs 1,00,000, Y Rs 80,000 and Z Rs 60,000. Record the adjustment entry.
Answer:
Past Adjustment

X

Y

Z

Total

Interest on Capital

5,000

4,000

3,000

=

12,000

Less:
Interest on Drawings

(700)

(500)

(300)

=

(1,500)

Add:
Partner’s Salaries

1,000

1,500

NIL

=

2,500

Right distribution of Rs
13,000

5,300

5,000

2,700

=

13,000

Less: Wrong
distribution of Rs 13,000 (3:1:1)

(7,800)

(2,600)

(2,600)

=

(13,000)

(2,500) Dr.

2,400 Cr

100 Cr

=

NIL

Explanation:

Capital have credit balance if it deducted will be debited and if it is added it will be credited.
Here X wrongly taken excess Rs 2,500 hence Rs 2,500 will be deducted from X capital Account on the other hand Y and Z taken less amount as they should have been taken, hence capital account of Y and Z will be added.

Date

Particulars

L.F

Debit Amount Rs

Credit Amount Rs

X’s Capital A/c

Dr.

2,500

To Y’s Capital A/c

2,400

To Z’s Capital A/c

100

(Profit adjusted among
partners)

 


Q35: The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in the profit sharing ratio should come into effect retrospectively were for the last three year. Harry and Porter have agreement on this account. The profits for the last three years were:

Rs

2010-11

22,000

2011-12

24,000

2012-13

29,000

Answer:
Distribution of Profit

Old Ratio (2:2:1)

Harry

Porter

Ali

Total

Year

2010 – 11

(8,800)

(8,800)

(4,400)

=

(22,000)

2011 – 12

(9,600)

(9,600)

(4,800)

=

(24,000)

2012 – 13

(11,600)

(11,600)

(5,800)

=

(29,000)

=

Total Profit of 3 years in old ratio

(30,000)

(30,000)

(15,000)

=

(75,000)

Distribution of 3 years profit in new Ratio (1:1:1)

25,000

25,000

25,000

=

75,000

Adjusted Profit

(5,000)

(5,000)

10,000

NIL

Journal (Adjusting entry)

Date

Particulars

L.F

Debit Amount Rs

Credit Amount Rs

Harry’s Capital A/c

Dr.

5,000

Porter’s Capital A/c

Dr.

5,000

To Ali’s Capital A/c

10,000

(Profit adjusted due to change in profit sharing ratio)

 


Q36: Mannu and Shristhi are partners in a firm sharing profit in the ratio of 3 : 2. Following is the balance sheet of the firm as on March 31, 2013.

Amount

Amount

Liabilities

Rs

Assets

Rs

Mannu’s Capital

30,000

Drawings :

Shristhi’s Capital

10,000

40,000

Mannu

4,000

Shristhi

2,000

6,000

Other Assets

34,000

40,000

40,000

Profit for the year ended March 31, 2013 was Rs 5,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.
Answer:
Adjustment of Profit

Mannu’s

Shrishti

Total

Interest on Capital

1,500

500

=

2,000

Less: Interest on Drawings

(120)

(60)

=

(180)

Right distribution of Rs 1,820

1,380

440

=

1,820

Less: Wrong distribution of Rs 1,820 (3 : 2)

(1,092)

(728)

=

(1,820)

Adjusted Profit

288

(288)

=

NIL

Adjusting Journal Entry

Date

Particulars

L.F

Debit Amount

Rs

Credit Amount

Rs

Shrishti’s Capital A/c

Dr.

288

To Mannu’s Capital A/c

288

(Adjustment of profit made)

 


Q37: On March 31, 2013 the balance in the capital accounts of Eluin, Monu and Ahmed, after making adjustments for profits, drawing, etc; were Rs 80,000, Rs 60,000 and Rs 40,000 respectively. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ 5% p.a. The drawings during the year were Eluin Rs 20,000; Monu, Rs 15,000 and Ahmed, Rs 9,000. Interest on drawings chargeable to partners were Eluin Rs 500, Monu Rs 360 and Ahmed Rs 200. The net profit during the year amounted to Rs 1,20,000. The profit sharing ratio was 3 : 2 : 1. Pass necessary adjustment entries.
Answer:
In this question interest on capital shall be calculated on opening capital

Eluin

Monu

Ahmed

Capital on 31 Mar. 2013 (Closing Capital)

80,000

60,000

40,000

Add: Drawings

20,000

15,000

9,000

Less: Profit Rs 120,000 (3:2:1)

(60,000)

(40,000)

(20,000)

Capital on April 01, 2012 (Opening Capital)

40,000

35,000

29,000

Adjustment of Profit

Eluin

Monu

Ahmed

Total

Interest on Capital (on Opening Capital)

2,000

1,750

1,450

=

5,200

Less: Interest on Drawings

(500)

(360)

(200)

=

(1,060)

Right distribution of Rs 4,140

1,500

1,390

1,250

=

4,140

Less: Wrong distribution of Rs 4,140 (in the ratio 3:2:1)

(2,070)

(1,380)

(690)

=

(4,140)

(570)

10

560

=

NIL

Adjusting Journal Entry

Date

Particulars

L.F.

Debit Amount

Rs

Credit Amount Rs

Eluin’s Capital A/c

Dr.

570

To Monu’s Capital A/c

10

To Ahmed’s Capital A/c

560

(Adjustment of Profit made)

 


Q38: Azad and Benny are equal partners. Their capitals are Rs 40,000 and Rs 80,000, respectively. After the accounts for the year have been prepared it is discovered that interest at 5% p.a. as provided in the partnership agreement, has not been credited to the capital accounts before distribution of profits. It is decided to make an adjustment entry at the beginning of the next year. Record the necessary journal
entry.
Answer:

Interest on Capital
Azad =40,000 × = 2,000
Benny = 80,000 × = 4,000
Adjustment of Profit

Azad

Benny

Total

Interest on Capital

2,000

4,000

=

6,000

Less: Wrong distribution of
Profit Rs 6,000 (1: 1)

(3,000)

(3,000)

=

(6,000)

Adjusted Profit

(1,000)

(1,000)

=

NIL

Adjusting Journal Entry

Date

Particulars

L.F

Debit Amount

Rs

Credit Amount

Rs

Azad’s Current A/c

Dr.

1,000

To Benny’s Current A/c

1,000

(Adjustment of profit made)

 


Q39: Kavita and Pradeep are partners, sharing profits in the ratio of 3 : 2. They employed Chandan as their manager, to whom they paid a salary of Rs 750 p.m. Chandan deposited Rs 20,000 on which interest is payable @ 9% p.a. At the end of 2001* (after the division of profit), it was decided that Chandan should be treated as partner w.e.f. Jan. 1, 1998* with 1/6 th share in profits. His deposit being considered as capital carrying interest @ 6% p.a. like capital of other partners. Firm’s profits after allowing interest on capital were as follows:

Rs

2009

Profit

59,000

2010

Profit

62,000

2011

Loss

(4,000)

2012

Profit

78,000

Record the necessary journal entries to give effect to the above.
As per the question, instead of 2001 it should be 2009 and in place of Jan. 1, 1998 it should be Jan. 1, 2006.
Answer:

Interest on

Loan

+

Salary

=

Total

2009

59,000

+

1,800

+

9,000

=

69,800

2010

62,000

+

1,800

+

9,000

=

72,800

2011

(4,000)

+

1,800

+

9,000

=

6,800

2012

78,000

+

1,800

+

9,000

=

88,800

1,95,000

+

7,200

+

36,000

=

2,38,200

Chandan received as Manager = Interest on Loan + Salary = 7,200 + 36,000 = Rs 43,200
Total Profit of 4 years before interest on Chandan’s Loan and Salary = 2,38,200
Interest on Chandan’s Caiptal for 4 years ={20,000 × (6/100) = 1,200}
= 1,200 × 4 = Rs 4,800
Profit after interest on all partners Capital
= Total Profit of four years before interest on Chandan’s loan and Salary – Interest on Chandan’s Capital for four years
= 2,38,200 – 4,800
= Rs 2,33,400
Wrong Distribution – Distribution of 4 years
Profit when Chandan as a Manager

Kavita {1,95,000 × (3/5)}

=

1,17,000

Pradeep {1,95,000 × (2/5)}

=

78,000

Chandan received as manager = Interest on Loan + Salary

= 7,200 + 36,000

=

43,200

2,38,200

Right Distribution – Division of Profit when Chandan as Partner

Chandan Share of Profit {2,33,400 × (1/6)}

38,900

Interest on Capital

4,800

43,700

Kavita’s Share of Profit {(2,33,400 – 38,900) ×(3/5)} = 1,16,700
Pradeep’s share of Profit {(2,33,400 – 38,900) × (2/5)} = 77,800
Adjustment of Profit

Kavita

Pradeep

Chandan

=

Total

Distribution of profit when Chandan as partner

1,16,700

77,800

43,700

=

2,38,200

Less: Distribution of profit when Chandan as manager

(1,17,000)

(78,000)

(43,200)

=

(2,38,200)

Right distribution of Rs 4,140

(300)

(200)

(500)

=

NIL

 

Date

Particulars

L.F.

Debit Amount Rs

Credit Amount Rs

Kavita’s Capital A/c

Dr.

300

Pradeep’s Capital A/c

Dr.

200

To Chandan’s Capital A/c

500

(Adjustment of profit made)

 


Q40: Mohan, Vijay and Anil are partners, the balance on their capital accounts being Rs 30,000, Rs 25,000 and Rs 20,000 respectively. In arriving at these figures, the profits for the year ended March 31, 2007 amounting to Rupees 24,000 had been credited to partners in the
proportion in which they shared profits. During the tear their drawings for Mohan, Vijay and Anil were Rs 5,000, Rs 4,000 and Rs 3,000, respectively. Subsequently, the following omissions were noticed:
Answer:
Interest on Capital shall be calculated on opening capital.

Mohan

Vijay

Anil

Closing Capital

30,000

25,000

20,000

Add:
Drawings

5,000

4,000

3,000

Less:
Profit (1:1:1)

(8,000)

(8,000)

(8,000)

Opening Capital

27,000

21,000

15,000

Interest on Capital
Mohan = 27,000 × = Rs 2,700
Vijay= 21,000 × = Rs 2,100

Anil = 15,000 × = Rs 1,500

Adjustment of Profit

Mohan

Vijay

Anil

Total

Interest on Capital (on
Opening Capital)

2,700

2,100

1,500

6,300

Interest on Drawings

(250)

(200)

(150)

(600)

2,450

1,900

1,350

5,700

Wrong distribution

(1,900)

(1,900)

(1,900)

=

(5,700)

550

NIL

(550)

Adjusting Journal Entry

Date

Particulars

L.F

Debit Amount

Rs

Credit Amount

Rs

Anil’s Capital A/c

Dr.

550

To Vijay’s Capital A/c

550

(Adjustment of profit made)

 


Q41: Anju, Manju and Mamta are partners whose fixed capitals were Rs 10,000, Rs 8,000 and Rs 6,000, respectively. As per the partnership agreement, there is a provision for allowing interest on capitals @ 5% p.a. but entries for the same have not been made for the last three years. The profit sharing ratio during there years remained as follows:

Year

Anju

Manju

Mamta

2012

4

3

5

2013

3

2

1

2014

1

1

1

Make necessary and adjustment entry at the beginning of the fourth year i.e. Jan. 2015.
Answer:
Interest on Capital
Anuj = 10,000 ×
Manju = 8,000 × = Rs 400
Mamta = 6,000 × = Rs 30
Adjustment of profit
Year 2012

Anuj

Manju

Mamta

=

Total

Interest on Capital

500

400

300

1,200

Wrong distribution of Rs 1,200 (4:3:5)

(400)

(300)

(500)

=

(1,200)

100

100

(200)

NIL

Year 2013

Anuj

Manju

Mamta

=

Total

Interest on Capital

500

400

300

1,200

Wrong distribution of Rs 1,200 (3:2:1)

(600)

(400)

(200)

=

(1,200)

(100)

NIL

100

NIL

Year 2014

Anuj

Manju

Mamta

=

Total

Interest on Capital

500

400

300

1,200

Wrong distribution of Rs 1,200 (1:1:1)

(400)

(400)

(400)

=

(1,200)

100

NIL

(100)

NIL

Final Adjustment

Anuj

Manju

Mamta

2012

100

100

(200)

2013

(100)

NIL

100

2014

100

NIL

(100)

100

100