Question

Rajesh, Sunil and Tarun are partners and their profit sharing ratio is 1/2:1/4:1/4. They are invested capital 12,000, 8,000 and 6,000 respectively. 5% interest charge on drawing. Tarun is getting salary @ 3,000 p. a. Sunil will get 1% commission on total sales. The profit of 2011 before above adjustment was 11,500. Total sales was 1,40,000 and their drawing were 4,000, 5,600, 6,000 respectively. Interest on drawing 80, 100, 120 respectively. Prepare profit and loss appropriation A/c.​

Answer 1

Explanation:

working note-

note-here for charging int. on drawing percentage and amt. both are given .So we'll ignore the pecentage of int. and we are taking the amt. of int.on drawing given in the question.

•calculation of commission to sunil -

1%of total sales

total sales-1,40,000/-

=1,40,000×1/100

=1,400/-

•distribution of profit among partners'

profit sharing ratio 1/2:1/4:1/4

rajesh-1/2×2/2=2/4

sunil-1/4

tarun-1/4

PSR-2/4:1/4:1/4

=2:1:1

rajesh =6800×2/4

=3400/-

sunil=6800×1/4

=1700/-

tarun=6800×1/4

=1700/-

I hope this will help you

Answer 2

Answer:

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Explanation:

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