Accountancy, asked by goyalvipul159, 5 months ago

Abha, Shobha and Vibha are partners sharing profits and losses in the proportion of 1/2, 3/10
and 1/5 respectively. On 1st April 2018 their capital were 1,20,000, 72,000 and 348,000
respectively. On 1st June, 2018 Abha advanced a loan of 1,00,000. Their partnership deed provides
that:
a) Interest on partner's capital should be provided @ 5% p.a.
b) Abha & Vibha are entitled to a partnership salary of 3000 and 2000 P.M.
c) Shobha is entitled to a commission @ 10% on the net profit (after charging the above
provision and after charging her commission).
d) Interest on partners' drawings should be provided @ 12% p.a. (Drawings of Abha 320,000
Shobha 12,000 Vibha 8,000).
e) 1/4 of the net profit (after charging all the above provisions ) should be transferred to
General Reserve.
The profit for the year ended March 31" 2019 amounted to 1,05,000 after charging partners
salaries but before charging interest on Abha's loan.
Pass Journal Entries and Prepare P&L Appropriation A/c for the year ended 31/03/2019,​

Answers

Answered by Jiyaa021
2

Answer:

 

Dr                                                Rathana capital account                       Cr

Particulars  Amt  Particulars   Amt

To goodwill a/c    8000  By bal b/d  30000

To Rathana executors a/c  26750  By R & S    3000

    By P & L A/c     1000

    By Int. On capital      750

       

  34750    34750

       

Dr                                   Rathana executors account                               Cr

Particulars   Amt  Particulars   Amt

To bal c/d 26750  By Rathana A/c  26750

       

 26750    26750

Explanation:

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