Q 15

Q 15 .82

Dear Student


 
 Profit and Loss Appropriation A/c 
               
 Date   Particulars     Amount   Date   Particulars     Amount 
       (Rs)         (Rs) 
   Net Loss            100,000    Interest on Drawings     
           Reema    (60,000 x 10% x 6/12)             3,000
           Seema   (60,000 x 10% x 6/12)             3,000
               
               
           Loss Transferred to Partners Capital A/c                                     47,000  
           Reema - 94,000 x 1/2                                     47,000          94,000
           Seema - 94,000 x 1/2     
               
             100,000              100,000

Please note that:
1. Since the firm has incurred a loss, Interest on capital and Salary has not been provided as they both are appropriation against profits.
2. Interest on Drawings has been provided for an average period of 6 months.


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