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प्रश्न
A and B entered into a partnership on 1st April, 2024, with capitals of ₹ 8,00,000 and ₹ 6,00,000, respectively. The profit is to be shared in the ratio of 5 : 3 by both the partners. The partnership deed provides the following information:
- A is to receive rent of ₹ 45,000 per annum for the use of his premises by the firm.
- Both the partners are to be allowed interest on capitals @ 11 % p.a. and are to be charged interest on drawings @ 9% p.a.
- The manager is to be allowed a commission @ 12% of the net profit after charging such commission.
During the year, A withdrew ₹ 5,000 at the end of every month; B’s drawings during the year were as follows:
| Date | Amount (₹) |
| 1st July, 2024 | 8,000 |
| 30th September, 2024 | 16,000 |
| 1st December, 2024 | 20,000 |
| 28th February, 2025 | 20,000 |
The profit earned by the firm for the year ended 31st March, 2025 was ₹ 4,36,457 (before providing for any of the above clauses).
From the above you are required to draft only the Profit and Loss Appropriation Account for the year ended 31st March, 2025.
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उत्तर
| Dr. | Profit and Loss Appropriation Account for the year ended 31st March,2025 |
Cr. | |||||
| Date | Particulars | Amount (₹) | Amount (₹) | Date | Particulars | Amount (₹) | Amount (₹) |
| 2025 | 2025 | ||||||
| March 31 | To Interest on Capitals: | 1,54,000 | March 31 | By Profit and Loss A/c | 3,49,515 | ||
| A | 88,000 | March 31 | By Interest on Drawings: | 4,485 | |||
| B | 66,000 | A | 2,475 | ||||
| March 31 | To Profit transferred to: | 2,00,000 | B | 2,010 | |||
| A’s Capital A/c | 1,25,000 | ||||||
| B’s Capital A/c | 75,000 | ||||||
| 3,54,000 | 3,54,000 | ||||||
Working Notes:
1. Calculation of interest on drawings:
(i) For A:
Interest on drawings = `"Total drawings" xx "Rate"/100 xx "Average period"/12`
= `60,000 xx 9/100 xx 5.5/12`
= 2,475
(ii) For B: Calculation under product method:
| Amount of drawing (a) | Date of drawing | No. of months till 31st March, 2025 (b) | Product (a × b) |
| 8,000 | 1st July 2024 | 9 | 72,000 |
| 16,000 | 30th September 2024 | 6 | 96,000 |
| 20,000 | 1st December 2024 | 4 | 80,000 |
| 20,000 | 28th February 2025 | 1 | 20,000 |
| 2,68,000 |
Interest on drawings = `"Total drawings" xx "Rate"/100 xx 1/12`
= `2,68,000 xx 9/100 xx 1/12`
= ₹ 2,010
2. Net profit for appropriation = Net profit before adjustments – Rent to A – Commission allowed to manager
= `4,36,457 – 45,000 – (12/112 xx 3,91,457)`
= 3,91,457 – 41,942
= ₹ 3,49,515
