Question

Bat and ball are partners sharing the profits in the ratio of 2:3

Answer 1

Explanation:

Bat and Ball are partners sharing the profits in the ratio of 2 : 3 with capitals of ₹ 1,20,000 and ₹ 60,000 respectively. On 1st October, 2017, Bat and Ball granted lonas of ₹ 2,40,000 and ₹ 1,20,000 respectively to the firm. Bat had allowed the firm to use his property for business for a monthly rent of ₹ 5,000.

Answer 2

Answer:

Profit and Loss Appropriation account

(for the year ended 31st March, 2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Loss b/d (before interest) 9000 By loss transferred to:

- Bat's Capital a/c

- Balls' Capital a/c

7920

11880

To interest on Bat's loan 7200

To interest on Balls' loan 3600

19800 19800

Working Note:

1. Interest on Bat's loan for 6 months= 240000 * 6/100 * 6/12 = 7200

2. Interest on Ball's loan for 6 months= 120000 * 6/100 * 6/12= 3600

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