2.84 Double Entry Book eeping-CBSE XI 20 Ashish and Aakash are partners sharing profit in the ratio of 3:2.Their Capital Accounts showed a credi balance of 5,00,000 and 6,00,000 resp year of1,50,000 and 1,00,000 espectively.Net profit for the year ended 31st March, 2019 was ? 5,0000 Interest on capital is to be allowed @ 10% p.a. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. ctively as on 31st March, 2019 after debit of drawings during the Ans.: 1.Dr.Profit and Loss Appropriation A/c by 1,3500 Cr.Ashish's Capital A/c by65,000 and Aakash's Capital A/c by70,00 2 Share of Profit: Ashish 2,19,000 and Aakash146,000 [Hint: Interest on capital is allowed on opening balance of capital.J 21. Naresh and Sukesh are partners with capitals of 3,00.000 each as on 31st March, 2019. Naresh had withdrawn ? 50,000 against capital on 1st October, 2018 and also 1,00,00 besides the drawings against capital. Sukesh also had drawings of t 1,00,00 Interest on capital is to be allowed @ 1096 p.a. Net profit for the year was 200.000 which is yet to be distributed. l entries for interest on capital and distribution of profit.

2.84 Double Entry Book eeping-CBSE XI 20 Ashish and Aakash are partners sharing profit in the ratio of 3:2.Their Capital Accounts showed a credi balance of 5,00,000 and 6,00,000 resp year of1,50,000 and 1,00,000 espectively.Net profit for the year ended 31st March, 2019 was ? 5,0000 Interest on capital is to be allowed @ 10% p.a. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. ctively as on 31st March, 2019 after debit of drawings during the Ans.: 1.Dr.Profit and Loss Appropriation A/c by 1,3500 Cr.Ashish's Capital A/c by65,000 and Aakash's Capital A/c by70,00 2 Share of Profit: Ashish 2,19,000 and Aakash146,000 [Hint: Interest on capital is allowed on opening balance of capital.J 21. Naresh and Sukesh are partners with capitals of 3,00.000 each as on 31st March, 2019. Naresh had withdrawn ? 50,000 against capital on 1st October, 2018 and also 1,00,00 besides the drawings against capital. Sukesh also had drawings of t 1,00,00 Interest on capital is to be allowed @ 1096 p.a. Net profit for the year was 200.000 which is yet to be distributed. l entries for interest on capital and distribution of profit. Ashish and Aakash are partners sharing profit in ratio of 3 : 2. Their Capital Accounts shewed balance of and respectively as on 31st March. 2019 after debit of drawings year of SOOOO and 1 respectively,Ne1 profit the year ended 3 1 st March, 20' 9 was Interest on capital is to be allowed @ Pass the journal entry for interest on capital and prepare Profit and Loss Appropriation Account