Question

12. A & B are partners, their capital 2 por
at the end of 31.03.2020 were
rs.3,20,000 and rs 2,80,000
respectively. During the year they
made drawing rs.40,000 & 30,000
respectively. Profit during the year
was rs.20,000 which was divided
equally by them. Calculate Interest on
capital a 10% p.a.
O For A rs.32000 & Brs. 28,000
For A rs.35,000 & Brs. 30,000
For A rs. 40,000& Brs. 20,000
O For A rs.30000 & B rs. 33,000​

Answer 1

Explanation:

ANSWER

Profit And Loss Account

Particulars Amount Particulars Amount

To Manager;s

commission

(15000*5/100) 750 By profit before B's Salary

(12500+2500) 15000

To Net profit T/f to

P/L Appropriation

Account 14250

Total 15000 Total 15000

Profit And Loss Appropriation Account

Particulars Amount Particulars Amount

To Interest on capital

A = 50000*6% = 3000

B=30000*6% = 1800 4800 By net profit 14250

B's Salary 2500

To profit T/f to

A's Capital A/c = 4170

B's Capital A/c = 2780 6950

Total 14250 Total 14250

Partners capital account

Particulars A B Particulars A B

By bal b/d 50000 30000

By Int on capital 3000 1800

salary 2500

To bal c/d 57170 37080 By P/L Appr A/c 4170 2780

Total 57170 37080 Total 57170 37080