on 1st April 2018 A and B commenced business with capital of 600000 and 200000 respectively on 31st March 2019 the net profit was 240000 interest on capital is to be allowed at 6% per annum Divas entitled to a salary of 60000 per annum the drawing of the partners A and B were 60000 and 40000 respectively the interest on drawing for a beam 2000 and b1000 assuming that A and B are equal partners prepare the Profit and Loss appropriation account and the partners capital account as at 31st March 2019
Answers
Answer:
Profit and loss appropriation account & partner’s capital account.
Explanation:
Given that:
A & B business with capital = 600000 and 200000.
Net profit = 240000
Interest on capital = 6% per annum
Salary of Divas = 60000 per annum
Partner A & B drawing = 60000 and 40000
Drawing for beam = 2000 and 1000
To find:
Profit and Loss appropriation account = ?
Partners capital account =?
Solution:
Profit and loss appropriation account for the year ended 31-3-2019.
Particulars amount Particulars amount
To b’s salary 60,000 By profit & 2,40,000
To Interest on capitals loss account
A 36,000 (Net profit).
B 12,000 48,000 By interest on
To profit transfer Drawing.
To A 2000
A 67500 B 1000 3000
B 67500 1,35,000
Total 2,43,000 2,43,000
Partners’ current Account
Particulars amount particulars amount
A B A B
To Drawings 60,000 40,000 To P&L profit
To interest a/c 2,000 1,000 a/c . 67,500 67,500
To balance To salary
Carried down 41,500 98,500 a/c . - 60,000
To interest
on capital. 36,000 12,000
Total 1,03,500 1,39,500 1,03,500 1,39,500
#SPJ2
Answer:
Given:
A & B business with capital = and
.
Net profit =
Interest on capital = % per annum
Salary of Divas = per annum
Partner A & B drawing = and
Drawing for beam = and
To find:
We have to find the Profit and Loss appropriation account and Partners capital account.
Solution:
Profit and loss appropriation account for the year ended 31-3-2019.
Particulars Amount Particulars amount
To b’s salary 60,000 By profit & 2,40,000
To Interest on capitals loss account
A 36,000 (Net profit).
B 12,000 48,000 By interest on
To profit transfer Drawing.
To A 2000
A 67500 B 1000 3000
B 67500 1,35,000
Total 2,43,000 2,43,000
Partners’ Current Account
Particulars Amount particulars amount
A B A B
To Drawings 60,000 40,000 To P&L profit
To interest a/c 2,000 1,000 a/c . 67,500 67,500
To balance To Salary
Carried down 41,500 98,500 a/c . - 60,000
To interest
on capital. 36,000 12,000
Total 1,03,500 1,39,500 1,03,500 1,39,500
Link:
https://brainly.in/question/42849732?referrer=searchResults
#SPJ2