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प्रश्न
The partnership agreement of Rohit, Ali, and Sneh provides that:
- Profits will be shared by them in the ratio of 2 : 2 : 1.
- Interest on capital is to be allowed at a rate of 6% per annum.
- Interest on drawings is to be charged at the rate of 3% per annum.
- Ali to be given a salary of ₹ 500 per month.
- Ali gave a guarantee to the firm that the firm would earn a net profit of at least ₹ 80,000 per annum and any shortfall in these profits would be personally met by him.
The capitals of the partners on 1st April, 2021, were:
Rohit - ₹ 1,20,000; Ali - ₹ 1,00,000; Sneh - ₹ 1,00,000
During the financial year 2021-22, all three partners withdrew ₹ 1,000 each at the beginning of every month.
The net profit of the firm for the year 2021-22 was ₹ 70,000.
You are required to prepare for the year 2021-2022:
- Profit and Loss Appropriation Account.
- Partner’s Capital Accounts.
खाता बही
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उत्तर
| Dr. | Profit and Loss Appropriation A/c for the year ended 31st March, 2022 |
Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Interest on Capital: (@ 6% p.a.) | 19,200 | By Profit and Loss A/c (Net Profit) | 70,000 | ||
| Rohit | 7,200 | By Ali’s Capital A/c | 10,000 | ||
| Ali | 6,000 | By Interest on Drawings: | 585 | ||
| Sneh | 6,000 | Rohit | 195 | ||
| To Salary to Ali | 6,000 | Ali | 195 | ||
| To Profit transferred to: | 55,385 | Sneh | 195 | ||
| Rohit’s Capital A/c | 22,154 | ||||
| Ali’s Capital A/c | 22,154 | ||||
| Sneh’s Capital A/c | 11,077 | ||||
| 80,585 | 80,585 | ||||
| Dr. | Partner’s Capital A/c | Cr. | |||||
| Particulars | Rohit (₹) | Ali (₹) | Sneh (₹) | Particulars | Rohit (₹) | Ali (₹) | Sneh (₹) |
| 2022 March 31 | 2021 April 1 | ||||||
| To Profit and Loss Appropriation A/c | - | 10,000 | - | By Balance b/d | 1,20,000 | 1,00,000 | 1,00,000 |
| To Drawings A/c | 12,000 | 12,000 | 12,000 | 2022 March 31 | |||
| To Interest on Drawings A/c | 195 | 195 | 195 | By Interest on Capital | 7,200 | 6,000 | 6,000 |
| To Balance c/d | 1,37,159 | 1,11,959 | 1,04,882 | By Salary A/c | - | 6,000 | - |
| By Profit and Loss Appropriation A/c | 22,154 | 22,154 | 11,077 | ||||
| 1,49,354 | 1,34,154 | 1,17,077 | 1,49,354 | 1,34,154 | 1,17,077 | ||
Working Note:
1. The firm’s profit is ₹ 70,000 (i.e., ₹ 10,000 less than the amount guaranteed by Ali). As such, ₹ 10,000 will be debited to Ali’s Capital A/c and credited to the Profit and Loss Appropriation A/c.
2. Interest on each partner’s drawings = `12,000 xx 3/100 xx 6.5/12`
= ₹ 195
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