amit, babu, and charu set up a partnership firm on April 1 2012. they contributed rupes 50000 rupes 40000 and rupes 30000 respectively as their capital and agreed to share profit and loss in the ratio of 3:2:1. amit is to be paid to salary of rupes 1000 per month and babu, a commission of rupes 5000. it also provided that interest to be allowed on capital at 6% p.a. the drawing for the year were amit rupes 6000, babu rupes 4000 and charu rupes 2000. interest on drawing of rupes 270 was charged on amit drawing rupes 180 on babu drawing and rupes 90 on charu drawing. the net profit as per profit as per profit and loss account for the year ended March 31 2013 was rupes 35660 prepare the profit and loss appropriation account to show the distrustion of profit among the partners with journal
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Amit, Babu and Charu set up a partnership firm on April 1, 2015. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000, respectively as their capitals and agreed to share profits and losses in the ratio of 3:2:1. Amit is to be paid a salary of Rs. 1,000 per month and Babu, a Commission of Rs. 5,000.
It is also provided that interest to be allowed on capital at 6%p.a. The drawings for the year were Amit Rs. 6,000, Babu Rs. 4,000 and Charu Rs. 2,000. Interest on drawings of Rs. 270 was charged on Amit's drawings, Rs. 180 on Babu's drawings and Rs. 90, on Charu's drawings. The net profit as per Profit and Loss Account for the year ending March 31,2015 was Rs. 35,660. Prepare the Profit and Loss Appropriation Account to show the distribution of profit among the partners.
Perm and manoj are partners in a firm sharing profit in the ratio of 3:2 the partnership Deed provided that perm was to be paid salary fo Rs. 2,500 per month and manoj was get a acommission os Rs. 10,000 per year , interest on capital was to be allowed @5% p.a and interest o drawing was to be charged @6% p.a interest on prem's drawing was Rs. 7,5000 respecively the firm's net profit for the year ended 31 st March 2019 was .Rs,90.575.
Prepane profit and loss appropriation account of the firm .
bhanu and partap are partners sharings profits equally their fixed capitals as on 1st April 2018 are Rs. 8,00,000 and Rs. 10,00,000 respectively their drawing during the year were Rs. 50,000 and Rs. 1,00,000 respecticvely interest on capital is a charge is to allowed @10% p,a and interest on drawings is to be charged @15% p.a Net profit for for the year ended 31st MArch , 2019 was Rs. 1,20,000.
prepane profit and Loss apppropriatin account .
Amit and vijay started a partnership business on 1st April , 2018 their capital contributions were Rs. 2,00,000 and Rs, 1,50,000 respectively ,the Deed provided as follows:
(A) interest n capials be allowed @ 10% p.a
(b) amit to get a salary of Rs. 2,000 per month and vijay Rs. 3,000 per month .
(c ) Profit are to be shared in the ratio of 3:2
Net profit for year ended 13st MArch ,2019 was Rs. 2,16,000 interest on amounted to Rs. 2,200 for amit and Rs. 2,500 for vijay .
prepare profit and loss appropriation Account .
Simran and reema are partners sharing profit in the ratio of 3:2 their capital as on 31st March 2018 were Rs. 2,00,000 each wheras curent Account had balance of RS. 50,000 and Rs. 25,000 respectively interest is to be allowed @5% p.a on balance in capital Accounts . the firm earned net profit of Rs. 3,00,000 for the year ended 31st MArch ,2019
Pass the journal enteris for interest on capital and distribution of profit Also prepare profit and Loss appropriation Account for the year .
Aseem and Nihar Started a Business on 1st april 2018 with capitals of 3.00.000 and Rs. 2.00.000 respectively ,According to the partnership Deed ,Nihar is to get salary fo Rs. 5.000 per month Aseem is to Get 10% commission on Profit after allowing salary to nihar and interest is to be allowed on capitals @ 6% p.a profit - sharing ratio between the two partners is 3:2 During the year , the firm earned net profit of Rs. 2.50.000
Pass journal entries for division of profits and prepane profit and loss appropriation account .
The firm l closes its accounts on 31 st March every year .
Reema and seema are partners sharing profits equally , the partnershhip Deed provides that both reema and seema will get mothly salary of Rs. 15,000each interest on capital will be allowed @5% p.a and interest on drawings will be charged @10% p.a their capitals were Rs. 5,00,000 each and drawings during the year were Rs. 60,000 each .
the firm incurred net loss of Rs. 1,00,000 during the year ended 31st March 2019,
prepare profit and loss of appropriation account for the year ended 31