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प्रश्न
Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were Rs 80,000 and Rs 60,000 respectively. The firm started business on April 1, 2016. According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a., respectively. Ramesh and Suresh are to get a monthly salary of Rs 2,000 and Rs 3,000, respectively.
The profits for year ended March 31, 2017 before making above appropriations was Rs 1,00,300. The drawings of Ramesh and Suresh were Rs 40,000 and Rs 50,000, respectively. Interest on drawings amounted to Rs 2,000 for Ramesh and Rs 2,500 for Suresh. Prepare Profit and Loss Appropriation Account and partners’ capital accounts, assuming that their capitals are fluctuating.
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उत्तर
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Profit and Loss Appropriation Account |
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Dr. |
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Cr. |
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Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
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Interest on Capital : |
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Profit and Loss |
1,00,300 |
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Ramesh |
9,600 |
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Interest on Drawings : |
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Suresh |
7,200 |
16,800 |
Ramesh |
2,000 |
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Suresh |
2,500 |
4,500 |
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Partners’ Salaries : |
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Ramesh |
24,000 |
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Suresh |
36,000 |
60,000 |
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Profit Transferred to : |
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Ramesh’s Capital {28,000 × (4/7)} |
16,000 |
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Suresh’s Capital {28,000 × (3/7)} |
12,000 |
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1,04,800 |
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1,04,800 |
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Partners’ Capital Account |
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Dr. |
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Cr. |
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Particulars |
Ramesh |
Suresh |
Particulars |
Ramesh |
Suresh |
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Drawings |
40,000 |
50,000 |
Cash |
80,000 |
60,000 |
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Interest on Drawings |
2,000 |
2,500 |
Interest on Capital |
9,600 |
7,200 |
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Balance c/d |
87,600 |
62,700 |
Partners’ Salaries |
24,000 |
36,000 |
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Profit & Loss Appropriation |
16,000 |
12,000 |
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1,29,600 |
1,15,200 |
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1,29,600 |
1,15,200 |
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Capital Ratio |
= |
Ramesh |
: |
Suresh |
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80,000 |
: |
60,000 |
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4 |
: |
3 |
APPEARS IN
संबंधित प्रश्न
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Following is their Profit & Loss Appropriation Account.
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account.
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
