Question

Partnership Accounts - Fundamentals
1.67
Illustration 43.
Amir, Bharat and Chirag are partners sharing profits and losses in the ratio of 2:2: 1. Amir draws
6,000 every month and Bharat and Chirag 4,000 each every month. The drawings
were made on the last day of each month. Before providing interest on Loan by Bharat,
interest on drawings and capital @ 10% p.a. and partnership salaries of * 20,000 to
Bharat and 30,000 to Chirag, profit for the year ended 31st March, 2021 was * 3,00,000.
Given the following additional information, you are required to draw Partners' Capital
and Current Accounts and prepare Profit and Loss Appropriation Account:
Amir () Bharat )
Chirag (1)
Capital Account on 1st April, 2020
1,00,000 80,000 50,000
Additional Capital brought on 1st October, 2020 20,000 15,000
Capital withdrawn on 1st October, 2020
10,000
Current Account on 1st April, 2020
10,000 (Cr.) 4,000 (Dr.) 5,000 (Cr.)
Loan Account on 1st April, 2020
20,000
...
Solution:
PROFIT AND LOSS APPROPRIATION ACCOUNT​

Answer 1

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