Question

5.A and B are partners sharing profits and losses in the ratio of 3 : 2 having the capital of 3 80,000
and 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the
profits. During the year firm earned 7,800 after allowing interest on capital. Profits a portioned
among A and B is
(a) 4,680 and 3,120
(b) 4,800 and 3,000
(C) 5,000 and 2,800
(d) none of the above​

Answer 1

Answer:

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

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