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New dk goel additional question 80 ch 1

New dk goel additional question 80 ch 1 Divide IAns_ ADDITIoÆA7 QUESTIONS Q. SO. Asifand Ravi partners ina firm profits 3 : 2. 'lbcir fixed capitals as on 1st A„il, 2016. t6.oo.ooo Their partnership deed provided for the following (u) Partners arc to be allowed interest on their capitals @ 1006 (b) -'hey are to be charged interest on drawings@4% annum- (c) Asif is entitled to a salary of Z2,OOO month. (d) Ravi is entitled to a commission of 5% of the correct net profit fim before charging such commission. (e) Asif is entitled to a rent ort3,000 month for the use of his premises bye firm. The net profit of the firm ror the year ended 31st Man•h, 2017, before proxie for any ofthe above clauses was Both partners withdrew e 5,000 at the beginning of every month for the You are required to prepare a Profit and Los.s Appropriation Account for the yea'

Dear Student
 
 Profit and Loss Appropriation A/c 
               
 Date   Particulars     Amount   Date   Particulars     Amount 
       (Rs)         (Rs) 
               
   Salary :         Net profit           364,000
   Asif             24,000    (Profit After Rent = 4,00,000 - 36,000)   
               
   Commission :             
   Ravi (3,64,000 x 5%)             18,200        
               
   Interest on Capital :             
   Asif (6,00,000 x 10%)           60,000      Interest on Drawings     
   Ravi (4,00,000 x 10%)           40,000        100,000    Asif (60,000 x 4% x 6.5/12)            1,300  
           Ravi (60,000 x 4% x 6.5/12)            1,300            2,600
   Profit Transferred : (3:2)            
   Asif         134,640          
   Ravi           89,760        224,400        
               
               
               
             366,600              366,600


Profit available for Distribution to partners = Net profit after Rent + Interest on Drawings - Salary - Commission - Interest on Capital.
Profit available for Distribution to partners = 3,64,000 + 2,600 - 24,000 - 18,200 - 1,00,000 = 2,24,400/-

Regards

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