Question

The fixed capital of Mohit and Raj is 2,00,000 and 1,50,000, respectively. Th
Prepare Profil
The partnership agreement of Mohit and Raj provides
(i)
Profit will be shared is the ratio of 3: 2.
(ii)
Mohit will be allowed a salary of 500 p.m.
(iii) 8% interest will be allowed on partner's fixed capital accounts.
(iv) 6% interest to be charged on partners drawings.
(v)
drawings were 10,000 and 3 12,000 respectively. The net profit for the year end
December 2006 amounted to 62,000.
Prepare Profit and Loss Appropriation Account.
de profit and loss account​

Answer 1

                                       

Particulars  Amount Particulars   Amount

To Manager;s  

commission

(15000*5/100)  750  By profit before raj Salary

(12500+2500)  15000

To Net profit T/f to

P/L Appropriation

Account  14250    

Total  15000  Total  15000

                            Profit And Loss Appropriation Account

Particulars  Amount  Particulars Amount  

To Interest on capital

A = 50000*6% = 3000

B=30000*6% = 1800  4800  By net profit  14250

B's Salary  2500    

To profit T/f to

A's Capital A/c = 4170

B's Capital A/c = 2780  6950    

Total  14250  Total  14250

       

                                     Partners  capital account

Particulars  A  B  Particulars  A  B

      By bal b/d 50000   30000

      By Int on capital  3000  1800

      salary    2500

To bal c/d  57170  37080  By P/L Appr A/c  4170  2780

Total  57170  37080  Total  57170  37080

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