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प्रश्न
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D, E and F were partners in a firm sharing profits in the ratio of 5 : 7 : 8. Their fixed capitals on 1st April, 2023 were D ₹ 5,00,000, Е ₹ 7,00,000 and F ₹ 8,00,000. Their partnership Deed provided for the following:
D withdrew 40,000 on 30th April, 2023; E withdrew ₹ 50,000 on 30th June 2023 and F withdrew ₹ 30,000 on 31st March, 2024. During the year ended 31st March, 2024 the firm earned a profit of ₹ 3,50,000. |
Prepare the Profit and Loss Appropriation Account for the year ended 31st March, 2024.
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उत्तर
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Profit and Loss Appropriation Account
for the year ended 31st March, 2024
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| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Interest on Capital (transferred to): | 2,00,000 | By Profit and Loss A/c (Net Profit) | 3,50,000 | ||
| D's Current A/c | 50,000 | By Interest on Drawings (transferred from): | 8,900 | ||
| E's Current A/c | 70,000 | D's Current A/c | 4,400 | ||
| F's Current A/c | 80,000 | E's Current A/c | 4,500 | ||
| To Salary to F (transferred to F's Current A/c) | 1,20,000 | ||||
| To Net Profit transferred to: | 38,900 | ||||
| D's Current A/c | 9,725 | ||||
| E's Current A/c | 13,615 | ||||
| F's Current A/c | 15,560 | ||||
| Total | 3,58,900 | Total | 3,58,900 | ||
Working Note:
1. Calculation of Interest on Capital
D: 5,00,000 × 10% = 50,000
E: 7,00,000 × 10% = 70,000
F: 8,00,000 × 10% = 80,000
Total Interest on Capital: 50,000 + 70,000 + 80,000 = 2,00,000
2. Calculation of F's Salary
F's Monthly Salary: 10,000 × 12 months = 1,20,000
3. Calculation of Interest on Drawings
Interest is charged at 12% p.a. strictly from the specific date of withdrawal to the year-end (31st March, 2024):
D (Withdrew on 30th April, 2023 - Outstanding for 11 months):
`40,000 xx 12% xx 11/12 = 4,000`
E (Withdrew on 30th June, 2023 - Outstanding for 9 months):
`50,000 xx 12% xx 9/12 = 4,500`
F (Withdrew on 31st March, 2024 - Outstanding for 0 months):
`30,000 xx 12% xx 0/12 = 0`
Total Interest on Drawings: 4,400 + 4,500 + 0 = 8,900
4. Distribution of Divisible Profit
Divisible Profit = Net Profit + Interest on Drawings − Interest on Capital − Salary
Divisible Profit = 3,50,000 + 8,900 − 2,00,000 − 1,20,000 = 38,900
Distributed in the ratio of 5 : 7 : 8 (Total parts = 20):
D's Share: `38,900 xx 5/20 = 9,725`
E's Share: `38,900 xx 7/20 = 13,615`
F's Share: `38,900 xx 8/20 = 15,560`
