Question

Amir Bharat and Chirag are partners sharing Profits and losses in the ratio of 2 : 2 : 1. Amir

draws Rs. 6,000 every month and Bharat and Chirag Rs. 4,000 each every month. The

drawings were made on the last day of each month. Before providing interest on loan by

Bharat, interest on drawings and capital @ 10% p.a. and partnership salaries of Rs. 20,000 to

Bharat and Rs. 30,000 to Chirag. Net Profit for the year ended 31st

March, 2020 was Rs.

3,00,000. Given the following additional information, you are required to prepare Profit & Loss

propriation Account, partners’ capital Account and partners’ current Account.

Amir Bharat Chirag

Rs. Rs. Rs.

Capital Account on 1st April, 2019  1,00,000 80,000 50,000

Additional capital brought on 1.10.19  20,000 15,000

Capital withdrawn on 1.10.19  10,000

Current Account on 1

st April, 2019  10,000 (Cr.) 4,000 (Dr.) 5,000 (Cr.)

Loan Account on 1st April, 2019  20,000​

Answer 1

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