Question

C and D are partners in a firm; C has contributed ₹ 1,00,000 and D ₹ 60,000 as capital. Interest in payable @ 6% p.a. and D is entitled to a salary of ₹ 3,000 per month. In 2017-18, the profit was ₹ 80,000 before interest and salary. Divide the amount between C and D.

Answer 1

Pass the following transactions through proper books to the Ledger. Take out a Trial Balance as on 31st January, 2018. The Cash Book must be balanced.

Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.

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Answer 2

Explanation:

Working Notes:

1. Calculation of Interest on Capital

Interest on C's Capital = $1,00,000 \times \frac{6}{100}=6,000$

Interest on D's Capital = $60,000 \times \frac{6}{100}=3,600$

2. Calculation of Profit Share of each Partner

Profit available for distribution = Rs.80,000- Rs.9,600-Rs.36,000=Rs.34,400

Profit Share of C and D each = $34,400 \times \frac{1}{2}=17,200$

Total amount received by C =  Interest on Capital + Profit Share =Rs.6,000+Rs.17,200=Rs.23,200

Total amount received by D = Interest on Capital + Salary + Profit Share

=Rs .3,600 +Rs .36,000+Rs .17,200$

=Rs.56,800