Partnership Accounting Rules and Solutions:
1. Partnership business: Two or more people's business.
2. Partnership Agreement is the base of Partnership Business
3. Partnership Business related exercise for Foundation Level:
a. Prepare Profit & Loss Appropriation Account;
b. Prepare Partners' Capital Account;
c. Prepare Partners' Current Account (When Partners' Capital is Fixed)
d. Prepare Partner's Loan Account.
4. Information given in Exercise:
a. Name of Partners
b. Partners Profit/ Loss distribution ratio
c. Partners' capital employed in business
d. Partners' Loan to business
e. Partners' Drawings from business
f. Rate of interest on Capital employed by partners,
g. Rate of interest on Loan by partners to business
h. Rate of interest on drawings by partners,
i. Salary/ honorarium to partner for running business
j. Commission to partners
k. Net profit/loss earned during the FY
5. Workings:
i. Calculation of interest on capital= (Amount of Capital* Rate)/12* Time of capital employed in the FY;
ii. Calculation of interest on Drawings:
a. When Same amount of Drawings at the opening of the each month=(Monthly Drawing*Rate of interest)*6.5
b. When Same amount of Drawings at the mid of the each month=(Monthly Drawing*Rate of interest)*6.0
c. When Same amount of Drawings at the end of the each month=(Monthly Drawing*Rate of interest)*5.5
d. When Total Amount of Annual Drawing= (Total Amount of Drawing*Rate of Interest)/12*6
iii. Calculation of Annual Drawing=(Monthly Drawing*12)
iv. Calculation of Interest on Loan= (Loan Amount*Rate of interest)/12*time use of loan in business
v. Calculation of Commission: 1st Step-Calculation of net profit before commission.
a. When Commission is on net profit before charging such commission: Commission= (Net Profit before Charging Commission*Rate of Commission)
b. When Commission is on net profit after charging such commission: Commission= Net Profit before Charging Commission/(100+Rate of Commission)*Rate of Commission
vi. Divisible Profit/Loss: Partner's Divisible Profit/Loss= (Total Divisible Profit/Total of Ratio*Respective Partner's ratio)
Exercise-1:
1. Nasir,
Tajul and Robel are partners in a firm with capitals Tk. 4,00,000, Tk.
3,00,000, Tk. 3,00,000 respectively on 01-01-2019. The Partnership Deed
contains the following clauses:
a) Interest
on Capital @8% per annum.
b) Interest
on Drawings @10% per annum.
c) Nasir
will get Salary @5,000 per month.
d) Tajul and
Robel will get commission @10% each on the net profit.
e) Profit
and Losses will be shared :
- Upto Tk. 45,000 in the ratio of
4:3:3.
- Rest of the amount will be
distributed equally.
The net
profit of the firm for the year ended 31 December 2019 is Tk. 3,90,000 and the
Drawings of the partners are:
- Nasir's Drawings was Tk. 2000 at
the beginning of the each month.
- Tajul and Robel's Drawings were
Tk. 2000 & Tk. 3000 respectively at the end of the each month.
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