Question

16
Ali, Bimal and Deepak are partners in a firm. On 15 April, 2017 their capitals accounts stood at
4,00,000, * 3,00,000 and 2,00,000 respectively. They shared profit and losses in the ratio of
5:3:2 respectively. Partners are entitled to interest on capital @10% p.a. and salary to Bimal and
Deepak @2,000 per month and 3,000 per quarter respectively as per the provision of the
Partnership deed.
Bimal, s share of profit (excluding interest on capital but including salary) is guaranteed at a
minimum of 50,000 p.a. Any deficiency arising on that account shall be met by Deepak. The profits
of the firm for the year ended 31st March, 2018 amount to * 2,00,000.
Prepare profit and loss appropriation account for the year ended on 31st March, 2018.
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Answer 1

Ali, Bimal and Deepak are partners in a firm. On 15 April, 2017 their capitals accounts stood at

4,00,000, * 3,00,000 and 2,00,000 respectively. They shared profit and losses in the ratio of

5:3:2 respectively. Partners are entitled to interest on capital @10% p.a. and salary to Bimal and

Deepak @2,000 per month and 3,000 per quarter respectively as per the provision of the

Partnership deed.

Bimal, s share of profit (excluding interest on capital but including salary) is guaranteed at a

minimum of 50,000 p.a. Any deficiency arising on that account shall be met by Deepak. The profits

of the firm for the year ended 31st March, 2018 amount to * 2,00,000.

Prepare profit and loss appropriation account for the year ended on 31st March, 2018.

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Explanation:

The solution is attached in the files below.

Answer 2

Answer:

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