Question

Q. 10. X and Y were partners in a firm sharing profits in the ratio of 2 : 1. On 1st
April, 2015 their fixed capitals were 36,20,000 and 52,40,000 respectively. On 1st
Nov., 2015 they decided that their total capital (fixed) should be 39,00,000 in their
profit sharing ratio. Accordingly, they introduced extra capital or withdrew excess
capital. The partnership deed provided for the following:
(i) A monthly salary of 4,000 to X.
(ii) Interest on Capital @9% p.a.
(iii) Interest on drawing @ 12% p.a.​

Answer 1

Explanation:

PROFIT AND LOSS APPROPRIATION ACCOUNT

Particulars Amount Particulars Amount

To Interest on capital

A= 50000*5%=2500

B=30000*5%=1500

C=20000*5%=1000 5000 By net profit 45000

To salary to

B= 5000

C=5000 10000

To profit T/f to

P's current A/c 15000

Q's current A/c 9000

R's current A/c 6000 30000

Total 45000 Total 45000

PARTNERS CAPITAL ACCOUNT

Particulars A B C Particulars A B C

To balance c/d 50000 30000 20000 By balance b/d 50000 30000 20000

Total 50000 30000 20000 Total 50000 30000 20000

PARTNERS CURRENT ACCOUNT

Particulars A B C Particulars A B C

To drawings

10000 7500 6000 By bal b/d 4500 1500 1000

By Interest on capital 2500 1500 1000

By bal c/d 12000 9500 7000 By Salaries 5000 5000

P/L Appropriation A/c 15000 9000 6000

Total 22000 17000 13000

Answer 2

Answer:

thoda messy h but correct h