Question

(All calculations are to be made nearest to the rupee). [Ans. Profit 69,508 divided equally] [Hint. Y's commission * 8,910] 58. (P & L Appropriation A/c/Capital and Current Account of Partners) From the following information, prepare : 1. The Profit and Loss Appropriation Account of P, Q and R for the year ended 31.12.15. 2. The Capital and Current Accounts of P, Q, R: Partners Capital (1.1.2015) Current (1.1.2015) Drawings (31.12.2015) р 6,000 * 2,000 (Cr.) 4,000 Q 10,000 1,000 (Cr.) * 4,800 R 16,000 1,000 (Cr.) 4,800 (1) Interest is credited @6% p.a. on capital and is charged on drawings at the same rate. Interest is neither credited nor charged on the balance of current accounts. (ii) Each partner took at the end of each quarter 25% of his drawings. (ii) Pand Q were to be credited with salaries of 2,400 and 1,600 p.a. respectively. (iv) On 1.7.2015, P paid in additional * 2,000 as capital and R withdrew * 2,000 from capital. (v) The net profit before charging interest on capital and partner's salaries and before interest on drawings had been credited was 19,600. (vi) Profit and Losses shared among P, Q and R were 5:4:3 respectively. [Ans. Share of profit P-5,828; Q-4,662; R-3,496; Capital Account balances P- * 8,000; Q- 10,000; R - 14,000. Current Account balances P - 6,558(Cr.); Q- 2,954 (Cr); R - 488(Cr.)] ​

Answer 1

Answer:

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