Fast plz
Dear Student
Note:
1. Interest on Drawings is calculated for an average period of 6 months as the actual date of Drawings is not given .
2. Interest on Loan is calculated @ 6% p.a as per Partnership Act rules.
Regards
Profit and Loss Appropriation A/c | |||||||
Date | Particulars | Amount | Date | Particulars | Amount | ||
(Rs) | (Rs) | ||||||
Reserve A/c | 8,000 | Net profit after Interest on Loan | 79,500 | ||||
(80,000 - 500) | |||||||
Interest on Capital : | |||||||
Pooja | 7,000 | Interest on Drawings | |||||
Archana | 3,000 | Pooja | 240 | ||||
10,000 | Archana | 180 | |||||
420 | |||||||
Profit Transferred : | |||||||
Pooja | 41,280 | ||||||
Archana | 20,640 | ||||||
61,920 | |||||||
79,920 | 79,920 |
Partner's Current A/c | |||||
Particulars | Pooja | Archana | Particulars | Pooja | Archana |
Bal B/d | - | 23,000 | Balance b/d | 5,000 | 0 |
Interest on Drawings | 240 | 180 | |||
Drawings | 4,800 | 3,600 | |||
Interest on Capital | 7,000 | 3,000 | |||
Profit and loss Appropriation | 41,280 | 20,640 | |||
Bal C/d | 48,240 | Bal C/d | 3,140 | ||
53,280 | 26,780 | 53,280 | 26,780 |
Calculation | ||
Profit before any appropriation | 80,000 | |
Less : Transferred to Reserve | (80,000 x 10%) | 8,000 |
Profit available for distribution | 72,000 | |
Add : Interest on Drawings | ||
Pooja | (4,800 x 10% x 6/12) | 240 |
Archana | (3,600 x 10% x 6/12) | 180 |
Total Profit available for Distribution | 72,420 | |
Less : Interest on Loan | ||
Pooja | (20,000 x 6% x 5/12) | 500 |
Profit after Interest on loan | 71,920 | |
Less : Interest on Capital | ||
Pooja | 70,000 x 10% | 7,000 |
Archana | 30,000 x 10% | 3,000 |
Profit after Interest on Capital to be distributed to partners | 61,920 | |
Share of Profit : | ||
Pooja | (61,920 x 2/3) | 41,280 |
Archana | (61,920 x 1/3) | 20,640 |
Note:
1. Interest on Drawings is calculated for an average period of 6 months as the actual date of Drawings is not given .
2. Interest on Loan is calculated @ 6% p.a as per Partnership Act rules.
Regards