11. On 1 April, 2016 A and B commenced business with capital of Rs.60,000 and Rs.20,000
respectively. On 31" March, 2017 the trading profit was Rs. 24,000.Interest on capitals is to be
allowed at 6% p.a. B was entitled to a salary of Rs.6,000 p.a.The drawings of the partners A and B
were Rs.6,000 and Rs.4,000 respectively. The interest on drawings for A being Rs.200 and B
Rs.100.Assurning that A and B are equal partners.
Prepare the profit &loss appropriation A/c and partners capital accounts as at 31"March, 2017.
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Answer:
Interest on A's Capital: Rs.
Interest on Rs.6,00,000 for one year: (Rs.6,00,000×
100
10
)
Interest on Rs.1,00,000 for 6 months: (Rs.1,00,000×
12
6
×
100
10
)
(from 1st October, 2017 to 31st March, 2018) 60,000
5,000
65,000
Interest on B's Capital:
Interest on Rs.4,00,000 for one year Rs.4,00,000×
100
10
Rs.40,000
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