Accountancy, asked by shagun328108, 5 months ago

Arun, Shobha and Yuvraj were partners in a firm on 1.4.2018 their fixed capital stood at Rs.1,00,000; Rs.50,000 and rs.50,000 respectively. As per the provision of the deed:

a. Partners were entitled to an annual salary of rs.20,000 each.

b. Interest on capital @10% p.a. was to be provided.

c. Profits were to be shared in the ratio of 3:1:1. Net profit for the year ended 31.3.2019 was Rs.90,000. Pass journal entries for the above in the books of the firm.

show adjustment table also​

Answers

Answered by Tanner88888
18

Answer:

Arun, Shobha and Yuvraj were partners in a firm on 1.4.2018 their fixed capital stood at Rs.1,00,000; Rs.50,000 and rs.50,000 respectively. As per the provision of the deed:

a. Partners were entitled to an annual salary of rs.20,000 each.

b. Interest on capital @10% p.a. was to be provided.

c. Profits were to be shared in the ratio of 3:1:1. Net profit for the year ended 31.3.2019 was Rs.90,000. Pass journal entries for the above in the books of the firm.

show adjustment table alsoPROFIT AND LOSS APPROPRIATION A/C

(for the year ended 31st March, 2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Salary to C 12000 By Net Profit a/c 172000

To Interest on Capital a/c

- A

- B

- C

5000

5000

10000

To Profit transferred to:

- A's Current a/c

- B's Current a/c

- C's Current a/c

50000

44000

46000

172000 172000

JOURNAL

1. Interest on Capital a/c..... Dr. 20000

To A's Current a/c 5000

To B's Current a/c 5000

To C's Current a/c 10000

(Being interest on capital transferred to the partner's current accounts)

2. Salary a/c.... Dr. 12000

To C's Current a/c 12000

(Being salary provided to C)

3. Profit and Loss Appropriation a/c.... Dr. 140000

To A's Current a/c 50000

To B's Current a/c

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