Question

Q 3) A and B are partners sharing profits and losses in the ratio of 3: 2 with capitals of Rs 4,00,000
and Rs 3,00,000 respectively. Interest on capital is agreed @ 5% pa. B is to be allowed an annual
salary of Rs 30,000 which has not been withdrawn. Profit for the year ending 31" March, 2017 prior
to calculation of interest on capital but after charging B's salary is Rs 1,20,000. A provision of 5% of
the profit is to be made in respect of commission to the manager. Prepare an account showing the
appropriation of profit.​

Answer 1

Answer:

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                                          Profit and Loss Account 

 Particulars Amount Particulars Amount To Mangers commission A/c-5%*1,50,0007500  By profit(1,20,000+30,000) 1,50,000 To Net profit transferred to P&L APP A/c 1,42,500   Total 1,50,000 Total 1,50,00      

         

               PROFIT AND LOSS APPROPRIATION ACCOUNT    

 Particulars Amount ParticularsAmount  To B's salary A/c 30,000 By Net profit

(1,20,000+30,000)*5%=7500

1,50,000-7500 1,42,500 To Interest on capital A/c

A- 4,00,000*5%=20,000

B- 3,00,000*5%=15,000 35,000   To profit transferred to

A's capital A/c- 46,500

B's capital A/c - 31,000 77,500    

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Answer 2

Answer:

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Explanation: