Question

A B and C entered into partnership on 1st April 2009 to share profit and loss in the ratio 5:3:2 A guranteed

Answer 1

PROFIT AND LOSS APPROPRIATION ACCOUNT

Particulars Amount Particulars Amount

To Interest on capital

A= 50000*5%=2500

B=30000*5%=1500

C=20000*5%=1000 5000 By net profit 45000

To salary to

B= 5000

C=5000 10000

To profit T/f to

P's current A/c 15000

Q's current A/c 9000

R's current A/c 6000 30000

Total 45000 Total 45000

PARTNERS CAPITAL ACCOUNT

Particulars A B C Particulars A B C

To balance c/d 50000 30000 20000 By balance b/d 50000 30000 20000

Total 50000 30000 20000 Total 50000 30000 20000

PARTNERS CURRENT ACCOUNT

Particulars A B C Particulars A B C

To drawings

10000 7500 6000 By bal b/d 4500 1500 1000

By Interest on capital 2500 1500 1000

By bal c/d 12000 9500 7000 By Salaries 5000 5000

P/L Appropriation A/c 15000 9000 6000

Total 22000 17000 13000

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