After the account of a partnership have been drawn up and the books closed, it is discovered that interest on capitals for the year 2013-14 and 2014-15 has been credited to partners though there is no such provision in the partnership deed.the amounts involved are

You are required to put through adjusting entries as on 1st April 2015, If profits were shared as follows
2013-4 - 1 : 1 : 1          2014-15- 3 : 4 : 3
It may be assumed that capitals are fixed.

A partnership firm earned the following net profits during the last three years.
2013 - Rs.34,000,  2014 - Rs.40,000,  2015 - Rs.46,000
The capital investment in the firm throughout the above mentioned period has been Rs.1,60,000. having regard to the risk involved, 15% is considered to be fair return on the capital.calculate value of goodwill on the basis of two year's purchases of average super profit earned during the above mentioned three years.

X and Y, two partners, drew for private use Rs 2,40,000 and Rs 1,60,000. Interest is chargeable @6% per annum on the drawings. What is the total interest?

M and T are partners in a firm. They share profits equally their monthly drawings are Rs.2,000 each.Interest on Drawings for the year 2015. Assuming that money is Withdrawn in the beginning of every month and at the end of every month.

X and Y are partners doing a dry cleaning business in Agra, Sharing profits in the ratio 2:1 with capital of Rs.5,00,000 and Rs.4,00,000 respectively. X withdrew the following amounts during the year to pay the hostel expenses of her son.

y withdrew Rs.15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family.He also paid Rs.20,000 per month as rent for the office of partnership which was in a nearby shopping complex.Calculate interest on drawings @ 6% per annum.

Karishma and Sheena contributed Rs.40,000 and Rs.20,000 respectively. They decide to allow interest on capital @ 6% per annum. their respective share of profits is 2 : 3 and the firm's profit (before interest) for the year is Rs.3,000. this profit has been credited to their accounts. Show the amount of interest allowed to each partner
(i) where there is no agreement except for interest on capital and
(ii) where there is is a clear agreement that the interest on capital will be allowed even if it involves the firm in loss.

From the following balance sheet of Raju and Jaggu, Calculate interest on capital @6% per annum payable to Jaggu for the year ended 31st march,2018
                                     Balance Sheet
                                as at 31st March, 2018

During the year, Jaggu's drawings were Rs.30,000 and profit during 2017-2018 was Rs.60,000

R, Sand T are partners sharing profits and losses in the ratio of 2 : 2 : 1respectively. R is entitled to a commission of 10% on net profit before charging such commission. Net profit before charging commission is Rs 11,000. Find out the commission payable to R.

Golu and Monu are partners in a firm sharing profits in the ratio of 3 : 2 They had advanced to the firm a sum of Rs.80,000 as loan in their profit sharing ratio on 1st July, 2015. The partnership deed is silent on the question of the interest on loan from partner. Compute the interest payable by the firm to the partner. Compute the interest payable by the firm to the partner assuming that the firm closes its book on 31st December.

A and B are partners sharing the profit and losses in the ratio of 2 : 3 with capital of Rs.12,000 and Rs.6,000 respectively.On 1st October,2014 A and B granted loans of Rs.48,000 and Rs..24,000 respectively to the firm.the profits before any interest for the year 2014-2015 amounted to Rs.900. Show the distribution of profits/losses by preparing profit and loss account.