Question

34. Ravi and Suraj were partners with a profit sharing ratio of 3 : 2. During the year 2012, they
made a profit of Rs 1,20,000 before any adjustments were made. Following are the particulars
of Ravi and Suraj:
Capital A/C
Current A/C
Y - 33.5
on 14,5
respectiv
be allo
e year 20
rofit ean
20. Prep
Ravi
1,50,000
15,000 (Cr.)
Suraj
45,000
11,000 (Cr.)
On 1-7-2012, Ravi withdrew 10,000 from his capital and Suraj introduced 5,000 as further
capital on the same date. Their partnership deed allowed an Interest on Capital @ 6% p.a.
Drawings of Ravi and Suraj during the year amounted to 6,000 and 4,000
The manager of the firm is entitled to a commission of 5% of the profit before any
adjustments were made. Prepare Profit and Loss Appropriation Account, Partners Capital
Accounts and Partners' Current Accounts.
(Ans. : (i) Profits: Ravi 61,470; Suraj 40,980; Current Accounts: Ravi
379,170, Suraj 50,830; Capital Accounts: Ravi * 1,40,000, Suraj 50,000)
the capi
esh 9,0
12

Answer 1

Answer:

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Explanation:

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