On Ist January, 2015, A and B entered into partnership by contributing \( ₹ 60,000 \) and \( ₹ 45,000 \) respectively. They oshare profits and losses in the ratio of \( 3: 2 \). Interest on capitals is to be allowed at \( 10 \% \) per annum. During the year A ( \( ₹ 9,000 \) and \( B ₹ 18,000 \) as drawings. Interest on drawings of \( A \) and \( B \) was \( ₹ 150 \) and \( ₹ 210 \) respectively. Profits of the on 31st December, 2015 before the above adjustment were \( ₹ 23,000 \) Show the distribution of profits by preparing Profit and Loss Appr. A/c and prepare Partner's Capital ACS. (Ans. Share in profit - A ₹ 7,\( 716 ; B ₹ 5,144 \). Balance of Capital A/cs- A ₹ 64,\( 566 ; B ₹ 36,434 \) )

Question

On Ist January, 2015, A and B entered into partnership by contributing \( ₹ 60,000 \) and \( ₹ 45,000 \) respectively. They oshare profits and losses in the ratio of \( 3: 2 \). Interest on capitals is to be allowed at \( 10 \% \) per annum. During the year A ( \( ₹ 9,000 \) and \( B ₹ 18,000 \) as drawings. Interest on drawings of \( A \) and \( B \) was \( ₹ 150 \) and \( ₹ 210 \) respectively. Profits of the on 31st December, 2015 before the above adjustment were \( ₹ 23,000 \) Show the distribution of profits by preparing Profit and Loss Appr. A/c and prepare Partner's Capital ACS. (Ans. Share in profit - A ₹ 7,\( 716 ; B ₹ 5,144 \). Balance of Capital A/cs- A ₹ 64,\( 566 ; B ₹ 36,434 \) )

Answer 1

particular.                           amount.           particular

Int.on capital.                                               by net profit.                 23000                 

A6000.                                                           by int. on drawing.       

B4500.                                 10500.               A150

To profit transfer to                                       B210.                               360

capital A/C 

A7716

B5144.                                12860

12860 

balance                                   23360.                                                      23360

                                          partners capital A/C 

particular.                               A.        B.              particular.               A.        B

to drawings                         9000.    18000.      by bal b/d.            60000.  45000

to int.on drawing.                150.      210.          by int.on capital.    6000.  4500

to bal c/c.                           64566.   36434.       by P/L. A/C.           7716.   5144b

bal.                                        73716.   54644.                                       73716.  54644