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00:00:00Partnership and LLP Accounts. Introduction and LLP Accounts CA Foundation Book Clerk
00:00:28to the Samsung number. Just listen to the lecture and take the key points as your notes, right?
00:00:40Now, actually, in partnership deal, salary, sharing of profits and losses or interest
00:00:54on capital and loan. Let's see. No partner has the right to salary. Salary, unless they have
00:01:07the clear agreement, the deal agreement. Interest on capital is not applicable. But in case,
00:01:23partner's loan, partner's loan, you have 6% interest. Partner's loan. And profit and loss,
00:01:33interest and salary, no. And interest on capital, no. Drawings, interest, no. Partners loan,
00:01:43partner's loan, then if rate is not given 6%, rate given, profit and loss are to be shared equally. Okay.
00:01:55In the absence of an agreement, interest and salary may be paid to the partner only if there is a profit. Profit
00:02:04interest and salary. Interest and salary. Firm, what do we do? Share the loan. That is called P&L appropriation.
00:02:16Sharing. Then, distribute the loan. Not equal share. Like capital. Excess capital.
00:02:28What do we do? What do we do? As well as commissions. What do we do? As well as commissions. What do we do?
00:02:42What do we do? As well as commissions. So, this is the salary and interest. If you have the
00:02:48interest and interest, the amount distributed to the partner's 10,000, you have the salary
00:02:54salary is $1.00, $6.00, a and b. Interest on capital. If the profit is insufficient, then to the extent of amount available, the salary will be shed.
00:03:10Suppose if the net loss is zero, nothing is payable. It is all key points, act level points.
00:03:18Here is an example. In the example, we are sharing a clarification. Let us see what is it
00:03:34made. A and b commenced business in partnership on 1st January 2022. No partnership agreement
00:03:49was made either oral or written. Contributed 40 and 10 respectively as a capital. A also
00:03:57advanced 20,000 on July 2022. Adawad, 1st January 2022, Arneki, started with the capital by a and b
00:04:09of rupees 40,000 and 10,000. Rendi verme capital portal Karachi. A also advanced 20,000 rupees,
00:04:21additional capital. On 1st July, Enneki, 1st July Enneki, 1st July Enneki, 1st July 22. Additional capital.
00:04:35A met with an accident on 1st April 2022. And could not attend the partnership business up to 30th June 2022. So, A and the business
00:04:53had a contact date, one day. How is that?
00:05:022nd April 2022 as he was in hospital, like our ill health. The profits for the year ended 31st March Enneki,
00:05:0831st December 22, the profit earned be 50,600 eventually. 50,600. Disputes have been, have been arisen between them for sharing the
00:05:16actually 50,600. Disputes have been arisen between them for sharing the profits. In the
00:05:2450,600, you have to share. Okay. Now question one after one. A claims he should be given
00:05:32interest at 10% per annum. A claim of A. Interest on capital. Okay. Demand matter.
00:05:45Profit should be distributed in proportion of capital. Profit as well as capital ratio
00:05:51of A. Demand matter. B. In the case of A. Profit should be shared equally. He should
00:06:02be allowed a remuneration of thousand per month during the period of A. Silence. A.
00:06:06You are required to settle the dispute between them and distribute the profits according
00:06:12to the law. State reasons for your answers. Act, what do you say?
00:06:18Act, what do you say? If deed is silent, deed is silent. Okay. Silent.
00:06:24You are required to settle the dispute between them and distribute the profits according to
00:06:35the law. State reasons for your answers. Act, what do you say? If deed is silent, deed is silent.
00:06:41Okay. Silent. You are required to settle the profits and losses shared equally. Salary will not be payable.
00:06:56Okay. If deed is silent, loan will be eligible for 6% interest. If deed is silent, loan will be eligible for 6% interest.
00:07:03If deed is silent, loan will be eligible for 6% interest. If deed is silent, loan will be eligible for 6% interest.
00:07:24So, interest on loan. That 20,000 is assumed to be the loan for that 6% interest rate will be applicable.
00:07:45From the period of lending, 31st December 6 months. Okay. Now, what is the value?
00:07:59$600,000? $600,000. Balance. After this.
00:08:06Ampa Nairamarukh, ith aaruk perichuklaam? Only shared between A and B equally.
00:08:12A will get $25,000 and B will get $25,000. Hope so, you could not understand.
00:08:16In the preliminary chapter, first chapter, profit and loss kandup to judge the partners,
00:08:23share and share. So, first example, explain provisions. Make the notes of these provisions also. Right?
00:08:33Example 1 is over. Exam point of view, maximum past adjustment or rectification errors like questions adiquity varla.
00:08:48Is it clear? Hope so, you could not understand. We will move on to the next example. Okay. Example number 2.
00:09:03Now, A, B and C are partners in a firm sharing profits and losses in the ratio of 2 to 3 to 5. Their fixed capitals are 50 lakhs, 30 lakhs, 60 lakhs respectively.
00:09:28For the year in the 2022, interest and capital was credited to them, 12% instead of 10%. Okay.
00:09:35Add to one the 10% interest, deal putt irukkaraam.
00:09:39Now, C, what should be the correct amount? Interest and capital. Correct amount.
00:09:46How much is the correct amount?
00:09:53How much is the correct amount? A, B, C.
00:09:59Will get the interest at the rate they have agreed. Probably the 10% may be assumed to be the amount available in T.
00:10:06So, A would a capital capital. A will get the capital. A will get 1 and a half lakhs interest. B will get 3 lakhs interest and C will get 6 lakhs interest.
00:10:13Now, interest and interest on capital.
00:10:20They have done wrongly. Wrong amount.
00:10:21Wrong amount.
00:10:22Incorrect one.
00:10:2312% putt irukkaraam.
00:10:2412% putt irukkaraam.
00:10:25How much?
00:10:26Now, A would a capital capital 10% percentage puttinya, A will get 1 and a half lakhs interest. B will get 3 lakhs interest and C will get 6 lakhs interest.
00:10:37but interest on capital they have done wrongly, wrong amount, incorrect one. 12 percent put
00:10:5015 lakhs 12 percentage 1 lakh 80 thousand, 12 percentage 30 lakhs 3 lakhs 60 lakhs for C, 60 lakhs 7 lakhs 20,
00:11:05past necessary adjustment or error if there is available how can you rectify. Actually one
00:11:18interest on capital revenue for the partners you have credit , so you can credit what you
00:11:23are doing , but the wrong amount you are doing and what you are doing is, we have to
00:11:30debit that , if you do the company and you invest over the 2,000, so you work
00:11:37for single entire which you have to do 100 lakhs and about 1 lakh 48 thousand. What is ultimate
00:11:44value, 30,000 should be debited for A. Sukhund, isn't it? Clear? And B. Kvarambodul, 60,000
00:12:00should be debited and C. Kvarambodul, 1,20,000 should be credited. Clear?
00:12:14Okay. Okay. So, 3,000 should be debited. So, debited, debited, debited. Clear? 3,000 should be debited.
00:12:27This is not the case. What is the total value, sir? Total value, 1 and a half lakhs, 3 lakhs,
00:12:386 lakhs, 10.5 lakhs is the correct amount. And wrong amount you will have. 180, 360 plus
00:12:47720. 12 lakhs, you will have. 12 lakhs, 60. 12 lakhs, 60,000 rupees the debit
00:12:57p and l appropriation account. That is P and l appropriation account. Whatever
00:13:04is the profit, maybe, 12 lakhs, 60 a debit credit pen, debit pen, these partners are credit
00:13:11debit then Britt Britt Gir긄로.
00:13:1412.6 AH Enc cupcakes.
00:13:18I assume the
00:13:20net profit being 12.6 I am not aware about the exact net profit.
00:13:23nes 말씀�i illa.
00:13:25So, here is the interest on Partners.
00:13:30This net profit� ESIO is share.
00:13:351.8
00:13:373.6
00:13:387.2
00:13:39share to you. Sorry, cap, net profit, where are they? Where are they? Where are they? Where are they? Where are they? Where are they? Okay, this is what they are doing.
00:13:48This is where the net profit is. 2 is to 3 is to 5 is to share to you. For example, if you have a net profit, you have a credit which is wrong.
00:14:03If you have a net profit assumed to be 12.6 lakhs, it is not 12.6, it is only 10.5 lakhs.
00:14:16If you have 12.6 lakhs for 10.5 lakhs, you have 2.1 lakhs, your net profit will increase. Is that no?
00:14:30So, 2.1 lakhs, you have 12.6 lakhs for 10.5 lakhs, your net profit may be increased.
00:14:43In the 2.1 lakhs, increased profit will be shared among the partners in what ratio?
00:14:492 is to 3 is to 5. 2 is to 3 is to 5. How much will be there for A, B, C? Come on. A, B, C.
00:15:02I think 42,000 and 63,105. In their account, it is going to be credited. In their account, it is going to be credited.
00:15:14So, give a credit here. P & L, share due to the adjustment.
00:15:19Okay, sir, I asked 50, I will adjust the interest of 1,50, and if I am only 30, I will adjust it.
00:15:30And if the profit is 30, then the price is 60, then the price is $120.
00:15:38This 2.1 lakh is nothing but increase in net profit, as this 2.1 lakh is increase in net profit will be shared by APC in their which ratio?
00:15:48ratio. Profit increase. 2 is to 3 is to 6 ratio. So, here it is 42,000 credit, 63,000 credit,
00:16:031,05,000 credit. Ultimate NHC, 30 debit, 42 credit, 12,000 A की credit पनिया अगनो, 60, 63, 3,000 B की credit पनिया रिकनो,
00:16:22C की औरम बोद 15,000 debit पनिया अगनो. For adjusting this error, the ultimate entry
00:16:30being C capital account debit 15,000, sorry, 15,000 and A's capital credit 12,000 to C's capital,
00:16:42sorry, to B's capital value being 3,000. Is that clear? C's current account, A's current account
00:16:48or capital account to B's capital account or current account. Clear?
00:16:52So, in this case, past adjustment, rectification of error sums, we can see that we can see
00:17:00creativity. Excellent account, if we have a fundamental account, we can see that we can see that
00:17:05we can see that we can see that we can see that we can see that we can see that we can see
00:17:07that we can see that we can see that we have 1.5 mmा, if we have a personal account,
00:17:12if we have a significant account, then we'll focus on advance F into all the success,
00:17:22clear?
00:17:23In the powers of partners accounts.
00:17:52In the powers of partners, you can tell us about the partnership act details.
00:17:59Accounting, that is the profit and loss of profit.
00:18:03I just give the format and I start solving the illustration one onwards, one after one.
00:18:13Now, actually, our final accounts, how should be a final accounts?
00:18:28Trading, PNL account and then balance sheet is the usual one.
00:18:41For metal or carbonic, you can copy this also, right.
00:18:47So, here you will be getting the GP, net profit.
00:18:53If the business is a sole trade business,
00:19:00you will be getting the charge.
00:19:01You will be getting the charge.
00:19:03So, what do we do?
00:19:04Capital, add interest on capital minus drawings minus interest on drawings plus net profit.
00:19:19In case of loss, we have to minus.
00:19:21We have to get the charge.
00:19:22We have to get the charge.
00:19:24Why do we have to get the charge?
00:19:27One is all.
00:19:28One is all.
00:19:29VLS engineering salary, I can get the contract developer commission,
00:19:35but I can get the interest in capital.
00:19:37When it comes to the partnership firm, support given by the partners to the firm is totally
00:19:47different.
00:19:48Each and every partner might have supported the business differently as per their own capacity
00:19:53and capability.
00:19:54Right.
00:19:55So, in a firm, assume that A, B, C are the three partners.
00:20:02A supports the firm physically and B supports the firm financially, C supports the firm using
00:20:13his firm.
00:20:14It is all.
00:20:15I can get the name.
00:20:16When I introduce this firm, I will develop the business.
00:20:21Right.
00:20:22If you have any firm support your firm, what do you need to get?
00:20:29If the deed is silent, of course, ultimate results shared equally, net profit shared equally, but
00:20:58if the customers have a demand for the persons, they will say it will be equal to the estate.
00:21:27sir, they are just working in the house or night.
00:21:29And I am going to tell you,
00:21:30there are people who are going to be there
00:21:32and they are still working in the house.
00:21:34Okay, so you guys
00:21:36that people are working in the company and have a job.
00:21:38They have 6-7 months.
00:21:40I am going to say that
00:21:42there is no such business.
00:21:45So,
00:21:47there are no interest in the house.
00:21:49They are not going to be a partner.
00:21:51They are not going to be a partner.
00:21:53They are not going to be a demand.
00:21:55He has sacrificed his life. You have to do some contributions to him justifiably.
00:22:14You have to do some work. You have to do some work. You have to do some work.
00:22:35You have to do some work. You have to do some work.
00:22:44It's a demo like. So, the logic on the usage is you will be able to understand the partnership and its logic and you can handle the accounts easily.
00:22:52The reason you need to say, physical work is a salary and you have to do some work.
00:22:59If you have to do some work, you are able to do some work.
00:23:01The higher capital will be eligible for interest.
00:23:03He is the interest.
00:23:05I am able to do some work and earn interest.
00:23:07If you do some work, you will earn one work.
00:23:09If you have 10% percent, you will earn one work.
00:23:11You will earn one work.
00:23:12You will earn a bank.
00:23:15Compensate him with the interest, fame.
00:23:19If I have a business order, he will have a commission.
00:23:23He will give him a commission.
00:23:26What is the result?
00:23:30That must share equally, profit share.
00:23:34That part will be coming under P&L appropriation.
00:23:44So, final accounts for the partnership firm developed into null.
00:23:49Trading and P&L account, and trading account, P&L account, balance sheet.
00:24:00Two accounts open to P&L appropriation account.
00:24:09If you have a property, you will have an account.
00:24:14Better open and separate account.
00:24:16That profit is shared with them.
00:24:18Who will get owners?
00:24:20Capital account.
00:24:21Okay.
00:24:22Three partners are there.
00:24:24ABC.
00:24:26Okay.
00:24:27Usually, we start with the capital account.
00:24:35We start with the capital account.
00:24:37In the net profit, in the net profit, you get transfer.
00:24:44In the net profit, you share.
00:24:47Every share.
00:24:48Salary to the eligible partner.
00:24:54Interest on capital.
00:24:55Interest on capital to the eligible partner.
00:24:58Commission to the eligible partner.
00:25:00Ultimate profit and loss.
00:25:02Ultimate profit and loss to the partners.
00:25:04That is how we can share.
00:25:06The capital account.
00:25:07In the net profit, you will have an account.
00:25:09If you have a capital account, you will have an account.
00:25:11Interest.
00:25:12You will have an account.
00:25:13You will have an account.
00:25:14You will have an account.
00:25:15Drawings.
00:25:16Drawings are capital.
00:25:17It is a reduction of capital.
00:25:19Or inverse of the capital.
00:25:21And the drawings interest charge.
00:25:25So, that will also be falling under.
00:25:28That is a revenue like for the PNL appropriation.
00:25:30Here, interest on drawings.
00:25:31Interest on drawings.
00:25:32It is a simple structure.
00:25:35It is a simple structure.
00:25:37Clear?
00:25:38Then, if you have an account, you will have an account.
00:25:42Add.
00:25:43Add.
00:25:44Add.
00:25:45It is a minus.
00:25:46It is a minus.
00:25:47Plus minus.
00:25:49Credit.
00:25:50Credit.
00:25:51Credit.
00:25:52Debit.
00:25:53Paying account.
00:25:54Paying account dollar, you have an account where to pay $1.
00:25:57No.
00:25:58Go to the balance sheet.
00:25:59That is a logic here.
00:26:00That is a logic here.
00:26:01.
00:26:03Clear?
00:26:04In the process mind, no.
00:26:05In the charge,resserost is received.
00:26:07What help GOT you get.
00:26:08From the balance sheet.
00:26:09Just going to the balance sheet.
00:26:10ño?
00:26:11That is just a logic here.
00:26:12Clear.
00:26:13In the process mind,emerige.
00:26:14isenay?
00:26:15In the transfer現?
00:26:16In the process mind, Lemery, have an account file.
00:26:18What is the balance sheet?
00:26:19Consider it.
00:26:21This is the main logic here in the chapter.
00:26:24One is sharing, another one is errors and rectification, past adjustment.
00:26:30One division in chapter 1.
00:26:32Is that okay?
00:26:34Other sharing is very simple logic.
00:26:36We have studied a comprehensive final accounts also from CMA Institute material, where how can we share in the P&L appropriation.
00:26:46This is the logic.
00:26:49If you are aware of the initial balance in the capital account, the closing balance will be needed.
00:26:59That will change.
00:27:02This is the fluctuating capital.
00:27:05This is the original capital.
00:27:09If you are aware of the current, you will know the current.
00:27:19What is the current?
00:27:21Well, we know the current we can.
00:27:22If you are aware of the current, we will know the current.
00:27:25You may know the current.
00:27:27What current?
00:27:29What current?
00:27:31What kind of current?
00:27:33You will know the current in Tamil.
00:27:35What is the current?
00:27:37You will know it.
00:27:38If you are aware of the current, you will find the body of your body.
00:27:42Okay, what do you say sir?
00:27:46Right, this is just joking.
00:27:48Active, active.
00:27:52If you are aware of the current, active transaction, that will be done.
00:27:58Initial amount will be done to null.
00:28:00Change ID is required to record the current.
00:28:03Initial is fixed cap.
00:28:06Prepare fixed capital or fluctuating capital.
00:28:10If you are aware of the current account balance, that is the current account and fixed account.
00:28:18Now, the first time you are aware of the current account.
00:28:20The current account is fixed.
00:28:22If you are aware of the current account, this is a different part.
00:28:28This is a different part.
00:28:30The second part is the current account.
00:28:33Is that clear?
00:28:34format is over. While sharing P&L appropriation
00:28:43to the partners capital. That is in the side of both the interest on drawings
00:28:49to P&L appropriation and the matter is journal entry. Journal entry format is the first illustration
00:28:54part of it. Is that clear? Are you able to understand the format?
00:28:59Format is over. Just script. See, when I read English in RMC, I asked the language
00:29:08and wrote the language. So, I just started listening to lectures.
00:29:12He told me, I was able to read the lectures. He told me, I was able to read the lectures.
00:29:22He told me, I was able to read the lectures. He told me, I was able to read the lectures.
00:29:28So, it is really tough to understand. So, on the US accent, develop and listen
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00:34:35The question read pannampooday, ennay kyehkkarangay?
00:34:42Okay, illustration no.2.
00:34:46Rom, Rahim and Karim are partners in a firm.
00:34:49They have no agreement in respect of profit sharing ratio.
00:34:55PLRE, interest on capital, interest on loan advance, remuneration payable to partners
00:35:04In the matter of distribution of profits, they have put forward the following claims.
00:35:09Rom, inna soothra adhu, avar the maximum capital.
00:35:13Nandha jazi capital pood rukkiray?
00:35:15Adhala like, 10 percentage paranaam vandhu interest on capital poodunga.
00:35:19And share of profits in capital ratio, profit on loss capital ratio.
00:35:24Right.
00:35:26So, interest on capital as well as profit sharing ratio, PSR.
00:35:33Rom, inna soothra adhu, patthu percent vandhu demand pannhu arhu, PSR capital ratio vandhu intar.
00:35:42Rahim has devoted, Rahim has devoted full time for running the business and demand salary at the rate of 5,500 per month, but Rom and Rahim do not agree.
00:35:55Salary demand pannhu arhu, evenf e vieleee k airlines payable, tahtu percent of capital asset vandhuoor.
00:36:10interest on loan 2000, loan of rupees 2000 advanced by him at the market rate of interest of 12 percentage.
00:36:19Now loan put the interest on loan put the interest on loan.
00:36:24Now loan put the interest on loan.
00:36:26That is the current demand.
00:36:28How shall you settle the dispute and prepare profit and loss appropriation?
00:36:39After transferring 10 percentage of divisible profits to reserve,
00:36:44what profit is required is the reserve transfer balance.
00:36:49The dispute to reserve share.
00:36:52Net profit before taking into account any of the above claims amounted to Rs. 45,000 at the end of the year, first year of their business group, net profit.
00:37:02See, trading in P&L.
00:37:05In the first year, P&L appropriation account.
00:37:09P&L appropriation account.
00:37:11Now, let us see what happens.
00:37:15Interest on loan allowed, but not 12 percentage, only 6 percentage.
00:37:21and his claim not allowed, his claim not allowed, his claim not allowed.
00:37:28Interest on loan, abhinkaradhu, P&L koan le debit pannamendi item.
00:37:34Okay.
00:37:35Interest on loan, where debit pannamendi item?
00:37:38P&L koan.
00:37:39Interest on loan abhinkaradhu, charge not appropriation.
00:37:42Very often, this may be also asked in one word questions.
00:37:45What is the difference between charge and appropriation?
00:37:47Charge, abhinkaradhu, selavukkanadhu.
00:37:49Uungudai varumanakla, adhu selavakadhu, ingai minus pannadhu kuihe selavukkanadhu.
00:37:53Appropriation na, mitcha oooladhu, nama yeppi pagirundukkurom.
00:37:57Sharing.
00:37:58Sharing for the various contributors, as per their expectation, will be the sharing and appropriation.
00:38:03Charge is nothing but mandatory, whether you have any amount to be shared you or not.
00:38:10Okay.
00:38:11Laba irundadhaan sir, nangang share pannikarhu.
00:38:13Laba m illa, illa naarum, idha kurutta aganongeradhu, paid charge.
00:38:16Adhanal, the P&L koan le debit pannamendi item.
00:38:19And the P&L koan so, assume that the net profit could be 45,000 before this interest on loan.
00:38:26Interest on loan, in this 2006 percent potting na, yavru varudhungi?
00:38:30Yeppi, our loan vanganginarhu?
00:38:34Paranam?
00:38:35Okay.
00:38:36Apre 2,000 into six percentage, one year, yavru varudhungi?
00:38:41120-ea?
00:38:42Okay.
00:38:43120 rupees, pohukh.
00:38:45Balance, irukkadhana, final net profit.
00:38:47Yavru varudhungi?
00:38:4844,880 final net profit.
00:38:51And the net profit is done.
00:38:53P&L propagation transit pannikarhu.
00:38:54Now, if I get interest on loan, I'll drop the PNL donation to the PNL application.
00:39:01How do I get the PNL?
00:39:03PNL, the которые I get the PNL.
00:39:05If I get interest on loan, if I get the interest on loan, I subtract the interest on loan, I'll get the net profit, and I'll share the partners.
00:39:15Right.
00:39:1810% of divisible profit and the reserve transfer is 2 reserves, 10%. Distributable profit and the amount is 44,880 and the 10% is 4,488.
00:39:35That is the balance of the partner. Profit loss. Ram, Rahim and Karim. What is equal ratio?
00:39:5040,392 are the balancing figure after this should be shared among all the partners equally.
00:40:00Ram, Rahim, Karim. How is it?
00:40:0513,464.
00:40:07Okay. 13,464. 13,464. 13,464. Clear? Make note of it.
00:40:30Shall I move the next one? Come on. Speed up.
00:40:41All right.
00:40:49All right.
00:41:29Illustration number 3, join with me in answering, third illustration, illustration number 3.
00:41:59Prepare profit loss appropriation.
00:42:09A and B start business on 1st January 2022 with capitals of 30 and 20.
00:42:25According to deed, B is entitled to a salary of Rs. 500 per month.
00:42:32In your P&L appropriation account, B's capital for what?
00:42:41Salary.
00:42:42$500 per month have been a 6,000.
00:42:49And interest is to be allowed on opening capitals at the rate of 6 percentage per annum.
00:42:54So, for interest on capital, for A's capital and for B's capital, 6 percentage on this
00:43:06being 1800, 6 percentage on this 1200.
00:43:12The remaining profits are to be distributed amongst a partner in the ratio of 5 is to
00:43:173.
00:43:18Right.
00:43:19So, profit and loss under that A's capital and B's capital.
00:43:26Shared in the ratio of 5 is to 3.
00:43:305 is to 3.
00:43:32During 2022, the firm earned a profit.
00:43:33During 2022, the firm earned a profit before charging salary to B and interest on capital amounting
00:43:39is 25,000.
00:43:40During the year, A withdrew 8,000, B withdrew 10,000 for domestic purposes.
00:43:54And that interest is not the same.
00:43:55It is not the same.
00:43:56But it is not the same.
00:43:57It is the same.
00:43:58It is the same.
00:43:59It is the same.
00:44:00But it is the same.
00:44:01It is the same.
00:44:02It is the same.
00:44:03It is the same.
00:44:04It is the same.
00:44:05Capital expenditure.
00:44:06Capital payments.
00:44:07Capital payments.
00:44:08Now, what about the ultimate value?
00:44:11So, the balance being 16 should be shared in the ratio of 5 is to 3.
00:44:18A will get 10,000 and B will get 6,000.
00:44:22Clear?
00:44:23Let's now move on to the next one.
00:44:32Okay.
00:44:37Question number 4.
00:44:47Prepare capital accounts of partners A and B. Partners capital accounts.
00:45:00I can prepare the capital accounts in columnar form.
00:45:02I can prepare the capital account in columnar form.
00:45:05Thani-thaniya on the problem.
00:45:06Bookla, you will get A and B capital account.
00:45:09B and B capital account.
00:45:10Put it up.
00:45:11One A and A night angle.
00:45:13Debit side, credit side.
00:45:14One set of 3-4.
00:45:15You can prepare the columnar form.
00:45:17So, that will be very comfortable.
00:45:19Right.
00:45:21Of course, they have not asked the P and law appropriation account.
00:45:24But, that is a working note.
00:45:25Okay.
00:45:26It is a cake club.
00:45:27P and law appropriation.
00:45:28Capital account.
00:45:29In capital account, we have two partners.
00:45:33A and B.
00:45:34Two partners.
00:45:35And the two partners.
00:45:36Capital account.
00:45:37Is that okay?
00:45:40So, capital account.
00:45:41They have learnt in a structured manner.
00:45:42But, in the examination, sometimes it is not required.
00:45:43What is the requirement here?
00:45:44You have to prepare capital accounts.
00:45:45Directly, you need to understand how to post in the capital account.
00:45:46What is the closing capital account?
00:45:47Capital account.
00:45:48They have learnt in a structured manner.
00:45:49But, in the examination, sometimes it is not required.
00:45:52What is the requirement here?
00:45:53You have to prepare capital accounts.
00:45:54Directly, you need to understand how to post in the capital account.
00:45:57What is the closing capital account?
00:45:59Capital account.
00:46:00Capital account
00:46:26です is the time saver also matters.
00:46:28You can prepare the capital account for A and B independently or collectively like A
00:46:37in a column and B in a column, A and B. A and B start business on 1st January 2022 with
00:46:47the capitals of 30 and 20. According to the partnership deed, B is entered to a salary
00:46:53of 500 per month and interest is to be allowed.
00:46:55A has contributed 30,000 rupees and B has contributed 20,000 rupees.
00:47:13First January 2022, bank has contributed to A's capital, B's capital. Of course, entry
00:47:21is not required. Only we have to prepare the capital account. And the entry would ultimate
00:47:25posting. And in deed, B's salary will be allowed. And interest to be allowed on opening capital
00:47:33rate of 6,000 rupees. And interest to be allowed on opening capital rate of 6 percentage.
00:47:38That means interest to be allowed only for B. Find it per month bridge, only B will get
00:47:426,000 rupees. And interest to be allowed on opening capital rate of 6 percentage. That means interest
00:47:48and capital is going to be allowed on opening capital rate of 6,000 rupees. And interest
00:47:49and capital is going to be allowed on opening capital rate of 6,000 rupees. And interest and capital
00:47:55plus salary and capital.
00:47:56capital is going to be allowed on opening capital rate of 6,000 rupees. And interest and capital
00:48:03Now, here, interest and capital, 1800 for A, 1200 for B. The remaining profits are to be distributed amongst the partners in the ratio of 5 is to 3.
00:48:27Now, we know that, salary and interest is $1,300, but the balance is $14,000.
00:48:41This is a balanced profit. This is a 5 is to 3 ratio.
00:48:45Okay. A will get 10,000 and B will get 6,000. During the year, A withdrew 8,000 and B withdrew 10,000 for domestic purpose. Drawings are the opposite side.
00:48:59So, if I tell you this, then I will get what? Balance carried out. Okay. What is the total?
00:49:1741,800 for A. Okay. 32, 33,200 for B. Balancing figure for A, 33,800 for B, 23,200. Clear?
00:49:37No.
00:49:55We will discuss an example here.
00:50:13Interest on capital, interest on capital, other kind of case.
00:50:20Interest on capital, profit, interest on capital, interest on capital, subject to contract
00:50:41between the parties, interest on capital may be provided out of profits only.
00:50:45Profit is there, what is interest on capital?
00:50:52Interest on capital is there, interest on capital is there.
00:51:00Allowed.
00:51:07Okay, loss is there, interest on capital is there.
00:51:15Profit is there, sufficient profit.
00:51:22Profit is there.
00:51:23Profit is there.
00:51:24Partner is there.
00:51:25Interest is there.
00:51:26Interest is there.
00:51:27Partner is there.
00:51:28It is 1st term loss benefits, interest on capital is there.
00:51:31Okay.
00:51:32It is 2 days.
00:51:34It is 1 days.
00:51:36It is 1-200.
00:51:38It is 1-200.
00:51:40Suppose insufficient interest on the 15th lecture on the chapter, interest on capital is not net profit, so insufficient is not sufficient.
00:51:51Okay? Profit will be shared in capital ratio.
00:52:01Clear?
00:52:03You can use the PNL ratio. Otherwise, you can use the capital ratio. Is that okay? That is a logic.
00:52:25Let us see an example here.
00:52:32There are nodes . I am looking at as you do not have any response like, okay, make it faster.
00:52:50Now, interest on capital calculation on a example.
00:52:57Shilpa and Sanju are partners with the capital of rupees 1 lakh and 1 lakh 60 on January 1, 2022 respectively.
00:53:09Shilpa introduced additional capital of rupees 30,000 on July 1, 2022. Another 30,000 on October
00:53:1831, 2022. Calculate interest on capital for the year ending the rate of interest. So, Shilpa
00:53:25Shilpa and Sanju in case of Shilpa and Sanju in case of Shilpa. Okay?
00:53:32Shilpa
00:53:50investment ranga and October 31st, 31st October 22 annaki in over 20,000 investment ranga.
00:54:01And we assume that the year ends on 31st December 22, interest applicable being 9 percentage.
00:54:09And this rate of interest in this case being 0.09, 0.09 and period, period on the day one year.
00:54:24And 171, this is 6 months. So, half year. Last case around 12, 2 months. Multiply all these
00:54:45things to find out the total interest. 1 lakh in here 9000, in here 30,000 into 9, 2700 into
00:54:580.1350. At the case that 20,000 into 9 percentage into 2 by 2, 2 by 12 putting a 300. Then total
00:55:08interest payable for Shilpa's captive being 10,650. Okay. 10,650. Sanju for 1,000. Okay.
00:55:22So, Sanju method will be able to get out of here. So, Sanju method will be able to get out of here.
00:55:281,60,000 into 9 percentage. How do you get out of here? 14,400. Okay. Now, we have one more method
00:55:48called product method. That is called product method. It's called product method. It will be
00:55:55solved. It's called product method. It's called product method. Ok.
00:56:01okay one one twenty two anna kiki one lakh irukku one seven twenty two anna kiki thirty thousand irukku thirty one ten twenty two anna kiki twenty thousand irukku clear
00:56:22now ithuk ithna mahaso twelve months number of months eligible for interest ithukondhi ithna mahaso six months ithukwaram bodhi two months as the year ends on thirty first december twenty two
00:56:41ithuk yandhi ithvarik ethan ardu apra rupee zhi month multiply pandigna ardupair product is the product multiplied twelve lakhs one lakh eighty thousand forty thousand forty lakhs twenty thousand
00:57:00and the fourteen lakhs twenty thousand rupies ikku nine percentage interest ikku anna product na illa me month aa maathir eekhi apri ne interest for the month is calculated
00:57:14apri inted one by twelve one month euro hope you will be getting ten thousand six fifty ithukundhi inna ur method called the product method
00:57:24product method product method first we enjoy learning the other way is one one twenty two one lakh
00:57:40one seven twenty two thirty thousand say that she upper one lakh thirty your capital increased from one
00:57:48one lakh to one lakh thirty thirty one ten twenty two anna kki inna ur twenty increase achieve one lakh fifty thousand rupies year end being thirty first to december twenty two
00:58:02okay
00:58:04then so i mean in the last week ithuk jen the period ikkye ulu au
00:58:09now up the right we CannIRD you can also stop there
00:58:21inعدadans and now you multiply these two you will get the product
00:58:23Here is 6 lakhs. Here is 5 lakhs 20 thousand. Here is 3 lakhs. Total being 14 lakhs 20. Thereafter you can calculate interest per year. Per month calculate.
00:58:45Once. Monthly convert. days. One lakhs 20 thousand. Here is 1 lakhs 20 thousand. Here is a bank.
00:59:07Like this.
00:59:08For example, of a long time, there's a balance for the total of your total product value,
00:59:25one day interest.
00:59:27Monthly day, monthly product, one monthly interest.
00:59:32Ok.
00:59:47No.
00:59:55in case of interest on drawings
01:00:03interest on drawings
01:00:06date of drawings
01:00:07you have to calculate based on
01:00:13half year's interest
01:00:15ok
01:00:16let's see
01:00:21this illustration
01:00:22product method
01:00:36in product method
01:00:40unequal amount is withdrawn at different time period
01:00:44ok
01:00:46in the same way
01:00:47so
01:00:48year end
01:00:4931st December
01:00:51in terms of interest
01:00:55rupees
01:00:58if the rate of interest
01:01:00assumed tb6 percentage
01:01:07here
01:01:09You have to find out that interest, in the finder 10 months interest rate of 6% is
01:01:39money.
01:01:44How much?
01:01:496 percentage is 0.06?
01:01:56It is 10 by 12, 25, so slash 12, 18, I am right, 69, this is the direct method, of course you can use
01:02:26the product method also, in case of product method, in case of product method, you have
01:02:32to multiply these two, 500 into 10, 5,400 into 9, 3,600, 600 into 6, 3,600, 800 into 2, 1,600,
01:02:51total, 13,800, up to 13,800 is the product of drawings month on month basis, up to 6 percentage
01:03:02per month in calculate, 1 by 12, you will get the same answer, is that okay, okay, so
01:03:21the rest will continue in the next class.
01:03:22.
01:03:23.
01:03:24.
01:03:25.
01:03:26.

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