Fast plz

Dear Student
 
 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

  • 1
What are you looking for?