Question

Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawing @ 12% p.a.
(iii) Interest on partners' loan @ 6% p.a.
(iv) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1^st April, 2016 Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31^st March, 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31^st March, 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.

Answer 1

Realisation Account
Dr.					Cr.
Particulars		Amount Rs	Particulars	Amount Rs
To Plant		2,20,000	By Creditors	75,000
To Investments		70,000	By Bills Payable	40,000
To Stock		50,000	By Outstanding Salary	35,000
To Debtors		60,000	By Bank A/c
To Bank			Plant                                85,000
Creditors                            75,000			Stock                               33,000
Bills Payable                      40,000			Debtors                           47,000
Outstanding Salary            35,000		1,50,000	Investments                    66,500	2,31,500
To Bank			By Partner’s Capital A/cs-Loss
Outstanding Bill for Repair    7,500			Srijan                               81,030
Dishonoured of                       Discounted Bill                     15,000		22,500	Raman                              81,030
To Srijan’s Capital A/c-Commission (2,31,500*.05)		11,575	Manan                             40,515	2,02,575
		5,84,075		5,84,075

Partners' Capital Account

Particulars	Srijan	Raman	Manan	Particulars	Srijan	Raman	Manan
To Balance b/d	----------	----------	10,000	By Balance b/d	2,00,000	1,50,000	---------
To Profit &Loss A/c	32,000	32,000	16,000	By Realisation  A/c-Commission	11,575
To RealisationA/c-Loss	81,030	81,030	40,151
To Bank A/c	98,545	36,970	----------	By Bank A/c	----------	----------	66,515
	2,11,575	1,50,000	66,515		2,11,575	1,50,000	66,515

Bank Account
Dr.					Cr.
Particulars		Amount Rs	Particulars	Amount Rs
Balance b/d		10,000	To Realisation A/c-Recorded liabilities repaid	1,50,000
To Realisation A/c-Assets realised		2,31,500	To Realisation A/c-Unrecorded liabilities repaid	22,500
To Manan’s Capital A/c		66,515	To Srijan’s Capital A/c	98,545
			To Raman’s Capital A/c	36,970
		3,08,015		3,08,015