Question

19. X, Y and Z are are partners sharing profits in the ratio of 4 : 3:2. Salary to X Rs. 15,000 and to Z Rs. 3,000 omitted and profir distributed. For proper distribution now, X will be credited a) Rs. 15,000 b) Rs.1,000 c) Rs. 12,000 d) Rs. 7,000 ​

Answer 1

Explanation:

Profit and Loss Appropriation a/c

(for the year ended 31st March,2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Interest on Capital:

- X

- Y

- Z

50000

50000

25000 By Profit and Loss a/c

(after charging Z's salary) 400000

To Profit transferred to:

- X's Capital a/c

- Y's Capital a/c

- Z's Capital a/c

110000

110000

55000

400000 400000