Question

54. Ram and Shyam are partners in a firm sharing profits in the ratio of 3: 2. On 1st April, 2020, their fixed
capitals were 3,00,000 and 2,50,000 respectively. On 1st October, they decided that their total capital
(Fixed) should be * 6,00,000 in their profit-sharing ratio. Accordingly, they introduced extra capital or
withdrew excess capital. The Partnership Deed provided for the following:
(i) Interest on capital @ 12% p.a.
(ii) Interest on Drawings @ 18% p.a.
(iii) A monthly salary of 2,000 to Ram and a quarterly salary of 4,500 to Shyam.
The drawings of Ram and Shyam were as follows:
Particulars
Ram
Shyam
₹
20,000
20,000
15,000
25,000
On 30th September, 2020
On 31st December, 2020
During the year ended 31st March, 2021, the firm earned a net profit of 1,50,000. 10% of this profit was
to be transferred to General Reserve.
You are required to prepare:
(i) Profit and Loss Appropriation Account;
(ii) Partners' Capital Accounts, and Partners' Current Accounts.​

Answer 1

MAY THIS ANSWER WILL HELP YOU.......

Answer 2

Answer:

Explanation:

Profit & Loss Appropriation A/c        

Date Particulars Amount (in Rs) Date Particulars Amount (in Rs)

Interest on Capital                                    Net Profit  150,000

Ram's Current A/c 19,200                    Interest on drawings  

Gopal's Current A/c 15,300                   Ram's Current A/c 1,575

Salary                                                   Gopal's Current A/c 1,620

Ram's Current A/c 24,000      

Gopal's Current A/c 18,000      

Reserves A/c            15,000      

Profit transferred to partners current A/c        

Ram's Current A/c 53,217      

                                                                                                                                 

                              203,195                                              203,195