answer please :) Q On July 1, 2016, L brought Rs 1,00,000 as additional capital and N withdrew - Accountancy - Accounting for Partnership Basic Concepts

Question

answer please :)
Q On July 1, 2016, L brought Rs 1,00,000 as additional capital and
N withdrew Rs 1,00,000 from his capital During the year L, M and N
withdrew Rs 12,000, Rs 18,000 and Rs 24,000 respectively for their
personal use On January 1, 2017 the firm obtained a Loan of Rs
1,50,000 from M The Net profit of the firm for the year ended March
31, 2017 after charging interest on M's Loan was Rs 85,000
Prepare Profit & Loss Appropriation Account and Partners
Capital Account

Neha Arora · Accepted Answer

Dear Student,

Profit and Loss
Appropriation Account
for the year ended March 31, 2017

Dr

Cr

Particulars
Amount
Rs
Particulars
Amount
Rs

Profit transferred to:

Profit and Loss A/c
85,000

L’s Capital A/c
28,333

M’s Capital A/c
28,333

Ns Capital A/c
28,334
85,000

85,000

Partners’
Capital Accounts

Dr

Cr

Particulars
L
M
N
Particulars
L
M
N

Drawings A/c

1,00,000
Bank A/c
1,00,000

Drawings A/c
12,000
18,000
24,000
P/L Appropriation A/c
28,333
28,333
28,334

Balance c/d
1,16,333
10,333

Balance c/d

95,666

1,28,333
28,333
1,24,000

Profit and Loss Appropriation Account for the year ended March 31, 2017
Dr.				Cr.
Particulars		Amount Rs	Particulars	Amount Rs
Profit transferred to:			Profit and Loss A/c	85,000
L’s Capital A/c	28,333
M’s Capital A/c	28,333
Ns Capital A/c	28,334	85,000
		85,000		85,000

Partners’ Capital Accounts
Dr.				Cr.
Particulars	L	M	N	Particulars	L	M	N
Drawings A/c			1,00,000	Bank A/c	1,00,000
Drawings A/c	12,000	18,000	24,000	P/L Appropriation A/c	28,333	28,333	28,334
Balance c/d	1,16,333	10,333		Balance c/d			95,666
	1,28,333	28,333	1,24,000		1,28,333	28,333	1,24,000