Question

Prepare Profit and Loss Appropriation Account.
14. X,Y and Z are partners in a firm sharing profits in the ratio of 2:2:1. Fixed capitals of the partners were:
X*5,00,000; Y5,00,000 and Z2,50,000 respectively. The Partnership Deed provides that interest on
capital is to be allowed @ 10% p.a.Z is to be allowed a salary of 2,000 per month. Profit of the firm for the
year ended 31st March, 2020 after debiting Z's salary was 74,00,000.
Prepare Profit and Loss Appropriation Account.​

Answer 1

Explanation:

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Answer 2

Answer:

actually profit = 74,00,000 + 24,000= 74,24,000

interest on X's capital = 5,00,000×10/100 = 50,000

interest on Y's capital = 5,00,000×10/100 = 50,000

interest on Z's capital = 2,50,000×10/100 = 25,000

salary to Z = 2000×12 = 24,000

divisible profit = 74,24,000 - (50,000+50,000+25,000) - 24,000

= 74,24,000 - 149,000 = 72,75,000