Question

6. On 1st Jan. 2018 Ram and Shyam entered into partnership with the capital of
1,00,000 and 50,000 respectively and share profit in 2 : 1. Shyam gets salary of
24,000 per annum which has not been withdrawn. Interest @ 6% is allowed on
capital. Interest charged on Drawings at 6%. Interest on drawing of Ram and Shyam
were 500 and 600 respectively. In the year 2018. Ram has withdrawn 20,000
and Shyam 30,000 against profit. Before above adjustment profit of the year
87,400. Prepare profit and Loss Appropriation A/c for distribution of profit and
capital accounts.
[ Ans. Share of Profit : Ram 37,000; Shyam 18,500; Balance of
Partner's Capital A/cs : Ram 1,22,500; Shyam 64,900 ]
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Answer 1

Answer:

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