Question

1. A &B are partners with capital of 300000 and 200000 on 1-04-2019. On 1st Aug they introduced further capital of 50000 and 40000 each. B withdrew 20000 from his capital on 1st March 2020. Calculate IOC at 6% for the year ending 31/03/2020.​

Answer 1

Answer:

ANSWER

                                      Profit and Loss Appropriation a/c

                                        ( for the year ended......)

Dr.                                                                                                                        Cr. 

ParticularsAmount Particulars Amount To Interest on capital

- A

- B 

6000

3600By Profit a/c

(before interest and salary)80000  To Salary to B (3000*12)36000   To Profit transferred to:

- A's Capital a/c

- B's Capital a/c 

17200

17200

   80000 80000

Explanation:

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