Ram and Shyam are partners in a firm sharing profits in the ratio of 3: 2. On 1st April, 2020, their fixed
capitals were 3,00,000 and 2,50,000 respectively. On 1st October, they decided that their total capital
(Fixed) should be * 6,00,000 in their profit-sharing ratio. Accordingly, they introduced extra capital or
withdrew excess capital. The Partnership Deed provided for the following:
(i) Interest on capital @ 12% p.a.
(ii) Interest on Drawings @ 18% p.a.
(iii) A monthly salary of 2,000 to Ram and a quarterly salary of 4,500 to Shyam.
The drawings of Ram and Shyam were as follows:
Particulars
Ram
Shyam
₹
20,000
20,000
15,000
25,000
On 30th September, 2020
On 31st December, 2020
During the year ended 31st March, 2021, the firm earned a net profit of 1,50,000. 10% of this profit was
to be transferred to General Reserve.
You are required to prepare:
(i) Profit and Loss Appropriation Account;
(ii) Partners' Capital Accounts, and Partners' Current Accounts.
Answers
Answered by
51
Answer:
Ram profit 17,505
Shyam profit 11,670
partners capital account
Ram 3,60,000
Shyam 2,40,000
partners current account
Ram 38405
Shyam 16595
Attachments:
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![](https://hi-static.z-dn.net/files/d78/336740fdc84488c569b10407fbb1b0f1.jpg)
Answered by
11
Explanation:
Capital account 3,60,000 for ram and 2,40,000 for shyam
Current account 38,405 for ram and 16,595 for shyam
Thank you
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![](https://hi-static.z-dn.net/files/d5c/0dd5cad29f398cf3a6a77a8e346794f3.jpg)
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