Amar, Akbar and Anthony are partners in a business
and their capitals on 1st April, 2017 are 20,000; 16,000 and 4,000 respectively. The
partnership deed provides that:
once in a year
() 5% interest is to be allowed on capitals. (ii) Anthony gets 2,000 as annual salary.
(iii) Akbar gets commission @10% after charging such commission. (iv) Profits to be divided
in the ratio of 2:1:1. (v) Drawings---Amar 6,000; Akbar 5,000 and Anthony 4,000. The
Profits for the year ending on 31st March, 2018 without taking into account the above facts
are 17,200.
Draw Profit and Loss Appropriation Account, showing above transactions in the allocation
of profits among partners and Partners' Capital Accounts.
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Answers
Answer:
profit and loss Appropriation account
particular. amt. particular. amt
Interest on. P&L a/c. 17200
capital
Amar. 1000
Akbar. 800
Anthony. 200
Anthony salary 2000
Commission
13200*10/110. 1200
Divisble profit
Amar 12000*2/4 6000
Akbar 12000*1/4 3000
Anthony 12000*1/4 3000
Total. 17200. Total. 17200
Capital Account
Amar. Akb. Ant. Amar. Akb. Ant
Drawing. ........ balance
6000 5000 4000. 20000. 16000. 4000
Int. 1000. 800. 200
salary 2000
comm. .. 1200
P&L app. a/c. 6000 3000. 3000
Balance
21000. 16000. 5200