Question

X, Y and Z are partners in a firm in the ratio of 2 : 1:1, with capitals of 20,000
12,000 and 8,000 respectively on which interest is payable @ 6% per annum.
X is entitled to a salary of * 250 per month. Z gets commission of 1% on sales.
During the year, 2017 the firm earned a profit of 15,000. The sales were
2,00,000. They withdrew 5,000, 3,000 and 6,500 respectively, the interest
on which amounted to 100, 50 and 250 respectively. Prepare Profit and Loss Appropiriation a/c and partners capital account​

Answer 1

Answer:

I'll tell ya

Explanation:

ANSWER

Profit and Loss Appropriation a/c

(for the year ended 31st March,2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Interest on Capital:

- X

- Y

- Z

50000

50000

25000 By Profit and Loss a/c

(after charging Z's salary) 400000

To Profit transferred to:

- X's Capital a/c

- Y's Capital a/c

- Z's Capital a/c

110000

110000

55000

400000 400000

Answer 2

This is the full solution of this question