Ajay, vijay and Sanjay are partners in a firm, sharing profit and loss in the ratio of 2:1:1 with capital of Rs. 28800, Rs. 19200 and Rs. 14400 respectively on which interest @5% per annum is payable. Sanjay gets salary of Rs. 7200 per annum and Vijay gets commission on gross sales @3% . The firm showed profit of Rs. 27600 gross sales amounted of Rs. 336000 interest on drawing was Rs. 192, Rs. 240 and Rs. 288 respectively. Prepare profit and loss appropriation account and partners capital a/c.
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Explanation:
profit and loss appropriation account balance is Ajay= 3,600 : Vijay= 1,800 : Sanjay= 1,800 (Profit)
and Partners Capital A/C, Balance c/d is, Ajay= 33,648 ; Vijay= 31,800 ; Sanjay= 23;832
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Answer:
The P/L Appropriation account and Partners Capital A/c is demonstrated in the attached images.
Explanation:
i) Profit and Loss Appropriation account is used to distribute profit and losses amongst partners after accounting for other particulars.
ii) Partners Capital account explains contributions made by the partners in terms of capital and other financial assets.
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