How Adjust The Amount Taken By Partners For Personal Use? Is
The Entry For Drawings? Even If The Amt Exceed 5 Lakhs Or As
Partners Loan If Its Not Recovered Even After 1 Year? Discribe
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Answer / jitu
if business is not that much large then this amt of five
lacs is a very large so it should be consider as loan given
to partner and certain percentage of interest should be
recovered from him, if business is very large and five lacs
is not having more impact on running of business it should
be considered as drawing of the partner and if interest on
draweing is not mentioned firm can not charge interest on
drawing same case in loan also but ya because of this
conflicts arise between partners and business go in to
liquidation.
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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