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, 2017.

Profit for the year ended March 31, 2017 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.

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, 2017 was Rs. 36,000. Divide profit among the partners.

Prepare trading and profit and loss account and balance sheet as on March 31, 2017 : Closing stock as on March 31, 2017 Rs. 22,400

From the following balances prepare trading and profit and loss account and balance sheet for the year ended March 31, 2017 The value of closing stock on March 31, 2017 was Rs 25,400

From the following balances prepare a trading and profit and loss account and balance sheet for the year ended March 31, 2017

P and Q sharing profits in the ratio of 2 : 1 have fixed capitals of Rs.90,000 and Rs.60,000 respectively. After closing the accounts for the year ending 31st March, 2019 it was discovered that interest on capitals was provided @6% instead of 8% p.a. In the adjusting entry :

Supriya and Monika are partners, who share profit in the ratio of 3:2. Following is the balance sheet as on March 31, 2017. The firm was dissolved on March 31, 2017. Close the books of the firm with the following information: (i) Debtors realised at a discount of 5%, (ii) Stock realised at Rs.7,000, (iii) Fixed assets realised at Rs.42,000, (iv) Realisation expenses of Rs.1,500, (v) Creditors are paid in full. Prepare necessary ledger accounts.