Accountancy, asked by Anonymous, 6 months ago

Raj, Shammi and Shashi are partners sharing profits and losses in the ratio of 2:1:1
with capitals amounted to Rs.93,750; Rs.50,000 and RS.37,500 respectively and their Current A/cs show the following balances as
Raj Rs.12,400;
Shammi Rs. 5,600 (Dr.) and
Shashi Rs.3,200 as on 31st March 2014.
The accounts for 2014-15 showed a net profit of Rs.56,500 before taking into account interest on capital and drawings @ 4% p.a. and 6% p.a. respectively. Drawings made by the partners:
Raj Rs.10,000; Shammi Rs12,000 and Shashi Rs.8,000.
Interest on drawings was Raj Rs.548; Shammi Rs.440 and Shashi Rs.340.
Before closing the accounts, it was noticed that Life Insurance Premium of Raj Rs.1,750 was paid by the firm during the year was charged to Trade Expenses and personal expenses paid by Shammi for Rs.3,400 was debited to Trade expenses. Repairs of building Rs.10,000 was wrongly debited to Building Account and 25% depreciation was charged on it.
Prepare Profit & Loss Appropriation Account for the year and the Partners’ Current Accounts.

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Answered by Anonymous
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