X , y and z are partners in a firm their capitals on 1st April 2017 were as follows x 60000 Rs. Y, 50000 Rs. And 40000 Rs. On 1st October 2017 x gave a loan of 10000 Rs. to the firm the partnership deed contained the following clauses. (1) interest on capital @ 5% P. A, (2) Interest on loan @ 6% p. a, (3) Salary for z @ 1000 Rs. Per month, (4) y to get rent of 500 Rs. P. M, for use of partners. Net profit of the firm for the year ended 31 st march 2018 before the above adjustments was 30,300 Rs. Prepare profit and loss. Appropriation account assuming capital to be fixed.
Answers
Answered by
2
Answer:
computation of the amount of the divisible profit
actual profit = 30,300 - (300+6000) = 24,000
interest on X's capital = 60,000×5/100 = 3000
interest on Y's capital = 50,000×5/100 = 2500
interest on Z's capital = 40,000×5/100 = 2000
salary to Z = 1000×12 = 12,000
interest on X's loan = 10,000×6/100×6/12 = 300
Y's building rent = 500×12 = 6000
divisible profit = 24,000 - (3000+2500+2000+12,000)
= 4500
share of partners in profit = 4500×1/3 = 1500 each to be transferred to their current account
Similar questions