Question

A: B: C are partners in the firm A draws rs 2500 in the beginning of every month
B draws rs 3500 in the middle of every month
C draws 6000 in the end of every month
I.O.D is charged a 20% pa​

Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION ACCOUNT

 Particulars  Rs Particulars Rs To, General Reserve A/c 200000 By Profit and loss A/c (Net Profit) 755000To, Interest on Capital A/c

A ( 500000*8%)                 40000

B ( 400000*8%)                 32000

C ( 350000*8%)                 28000

 

100000 By Interest on Drawing A/cs (WN 1)

A (84000*10%*6.5/12)            4,550

B (72000*10%*6.5/12)            3,900

C (60000*105*6.5/12)            3,250

11,700 

To, Partners Salary A/c 

B                                          30000

C                                          45000 

75000   To, A's Commission A/c (WN 3)35,609   To, Profit transferred to:

A's Capital A/c                     1,18,697

B's Capital A/c                     1,18,697

C's Capital A/c                     1,18,697

3,56,091    7,66,700  7,66,700

 

                                                                  PARTNERS CAPITAL ACCOUNT

 Particulars A B C Particulars A B C To, Drawings A/c 84,00072000 60000 By, Balance b/d 500000 400000  350000 To, Interest on Drawings A/c4,550  3,9003,250 By, Interest on capital A/c 40000 3200028000  To, Balance c/d 6,05,7564,74,7974,78,447 By, Partners Salary A/c_  3000045,000      By, A's Commission A/c35,609 _ _     By, Profit and loss Appropriation A/c 118697118697  118697 Total6,94,3065,50,6975,41,697 Total

Answer 2

Answer:

sorry but not know about thiss