Rakhi and Shikha are partners in a firm, with capitals of Rs 2,00,000 and Rs 3,00,000 respectively. The profit of the firm, for the year ended 2016-17 is Rs 23,200. As per the Partnership agreement, they share the profit in their capital ratio, after allowing a salary of Rs 5,000 per month to Shikha and interest on Partner’s capital at the rate of 10% p.a. During the year Rakhi withdrew Rs 7,000 and Shikha Rs 10,000 for their personal use. You are required to prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts.
Answers
Explanation:
Total capital of that firm
= 200000 + 300000
= 500000
profit = 23200
and they withdraw 7000 and 10000 during that year it will also consider as profit
total profit = 23200+7000+10000
= 40200
total expenses
- 5000 × 12 = 60000 Shikha's salary
- partner's share is 200000 then 10% of 200000 will be 20000
total expenses = 60000+20000
= 80000
total loss = 80000 - 40200
= 39800
% loss = 39800×100/500000
= 7.96%
Answer:
Explanation:
solution
working note=
given⇒
capital Rakhi 300000
shikha 200000
total capital = 500000
ratio =
=
∴ Ratio =
rakhi =2/5
shikha =3/5
so as per que ,
profit =23200 (2016-17)
∴ share of there profit
Rakhi =23200 x 2/5=9280
Sikha =23200 x 3/5=13920
salary of shikha =5000 x 12 =60000
interest on capital =
rakhi =200000x 10/100 =20000
shikha =300000 x 10/100=30000
drawing of partners = rakhi =7000
shikha =10000