Question 16. A, B, and C are partner in a firm. The capital accounts
stood at 8, 00,000, rupees 6, 00,000 and rupees 4, 00,000 respectively
on 1st April, 2016 they shared the profit and losses in the ration3:2:1
respectively. Partners are entitled to interest on capital @ 6% per
annum and salary to B and C @ rupees 4,000 per month and rupees
6,000 per quarter respectively as per the provisions of partnership
deed.
B share of profit including interest on capital but excluding salary is
guaranteed at a minimum of rupees 82,000 per annum. Any deficiency
arising on that account shall be met by C. profit for the year ended 31st
march, 2017 amounted to rupees 3, 12,000. Prepare profit and loss
appropriation account for the year ended 31st march, 2017.
Answers
Answer:
interest on A's capital = 8,00,000×6/100= 48,000
interest on B's capital = 6,00,000×6/100= 36,000
interest on C's capital = 4,00,000×6/100= 24,000
salary to B = 4,000×12= 48,000
salary to C = 6,000×4 = 24,000
profit after adjustment = 3,12,000-1, 80,000 = 1,32,000
profit in ratio of 3:2:1
A = 1,32,000×3/6 = 66,000
B = 1,32,000×2/6 = 44,000
C = 1,32,000×1/6 = 22,000
guaranteed to B = 82,000
actual profit = 44,000
but here there is interest included
therefore actual guranteed = 82,000-36, 000 = 46,000
actual profit he got 44,000
guaranteed = 46,000
deficiency = 46,000 - 44,000 = 2,000
therefore C's contribution = 2,000
therefore A = 66,000
B = 44,000+2, 000 = 46,000
C = 22,000 - 2,000 = 20,000
Answer:
Explanation: first of all multiple salary of both the partners
B per month so multiple by 12
C per quarter so multiple by 4
Then calculate int on cap 6% so 48000,36000,24000
Thn distribution its profits in ratio 3:2:1
So it will be 3/6 2/6 1/6
After that provide gur. To b
