Question

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 ​

Answer 1

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                      

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Answer 2

Answer:

Given:

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:

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

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