Please answer Q15 as quick as possible 15 Reema and Seema are partner sharing profit equally - Accountancy - Accounting for Partnership Basic Concepts

Question

Please answer Q15 as quick as possible

15 Reema and Seema are partner sharing profit equally The
partnership deep provides that both Reema and Seema will get
monthly salary of Rs 5,000 each Interest on Capital will be allowed
@ 5% P A and interest on Drawings Will be Charged @ 10% p a Their
capitals were Rs 5,00,000 each and drawing during the year were Rs
60 000 each
The firm incurred a loss of Rs 1,00 000 during the year ended 31st
March, 2018
Prepare Profit and loss Appropriation Account for the year ended
31st March 2018

Neha Arora · Accepted Answer

Dear Student,

Profit and Loss
Appropriation Account
for the year ended March 31,
2018

Dr

Cr

Particulars
Amount
Rs

Profit & Loss A/c
1,00,000
Interest on Drawings A/c:

Salary to

Reema
3,000

Reema
60,000

Seema
3,000
6,000

Seema
60,000
1,20,000
Loss transferred to

Interest on Capital:

Reema
1,32,000

Reema
25,000

Seema
1,32,000
2,64,000

Seema
25,000
50,000

2,70,000

Profit and Loss Appropriation Account for the year ended March 31, 2018
Dr.					Cr.
Particulars		Amount Rs	Particulars		Amount Rs
Profit & Loss A/c		1,00,000	Interest on Drawings A/c:
Salary to			Reema	3,000
Reema	60,000		Seema	3,000	6,000
Seema	60,000	1,20,000	Loss transferred to
Interest on Capital:			Reema	1,32,000
Reema	25,000		Seema	1,32,000	2,64,000
Seema	25,000	50,000
		2,70,000			2,70,000