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प्रश्न
On 1.4.2013, Brij and Nandan entered into a partnership to construct toilets in government girls schools in the remote areas of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, the firm earned a profit of Rs 2,00,000
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014
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उत्तर
| Profit and Loss Appropriation Account for the year ended March 2014 |
|||
| Dr. | Cr. | ||
| Particular | Rs | Particular | Rs |
|
To Interest on Capital A/c Brij 80,000 Nandan 1,20,000 |
2,00,000 |
By Profit and Loss A/c
|
2,00,000
|
| 2,00,000 | 2,00,000 | ||
Working Notes:
WN1 Calculation of Interest on Capital]
On Brij's Capital = `1000000 xx 12/100 = 120000`
On Nandan's Capital = `1500000 xx 12/100 = 180000`
Total Interest = 1,20,000 + 1,80,000 = 3,00,000
WN 2 Calculation of Proportionate Interest on Capital
Proportionate Interest to Brij = `120000/300000 xx 200000 = 80000`
Proportionate Interest to Nandan = `180000/300000 xx 200000 = 120000`
