Question

alia and shilpa are partners in a firm sharing profits and losses in their ratio 2:1 from the following information, you are prepare final accounts of the year ended 31st march, 2019
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Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION A/C

(for the year ended 31st March, 2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Interest on capital a/c

- Sajal

- Kajal

2500

2000 By Profit and loss a/c 68460

To Reserve a/c

(68460+300+240-2500-2000) *10/100 6450 By interest on drawings a/c

- Sajal

- Kajal

300

240

To Profit transferred to:

- Sajal's Capital a/c

- Kajal's Capital a/c

38700

19350

69000 69000

Note: interest on loan has already been deducted before to give the net profit.

PARTNER'S CAPITAL A/C

Dr. Cr.

Particulars Sajal Kajal Particulars Sajal Kajal

To Drawings a/c 10000 8000 By Balance b/d 50000 40000

To interest on drawings a/c 300 240 By interest on capital a/c 2500 2000

To Balance c/d 80900 53110 By Profit and loss appropriation a/c 38700 19350

91200 61350 91200 61350

Explanation:

u have to change the values only

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