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Question 28 Chapter 3 - Unimax Class 12 Part 1
28. Varun and Sahil are partners in a firm. Their capitals on 1st April, 2020 were Rs. 300000 and Rs. 200000 and their profit sharing ratio is 2 : 1. Profits earned for year 2020-21 is Rs. 78000. Their drawings were Rs. 30000 and Rs. 20000. Prepare a Profit and Loss Appropriation Account and Partner’s Capital Accounts after taking into consideration the following facts :
(i) Interest on Capital is payable at 6% per annum.
(ii) Salaries : Varun = Rs. 600 per month ; Sahil = Rs. 700 per month.
(iii) Interest on Drawings is to be charged at 6% per annum.
Profit & Loss of Apropriation A/c For the year ended 31st March., 2021
| Particulars | Rs. | Particulars | Rs. | ||
|---|---|---|---|---|---|
| To Interest on Capital | By Net Profit | 78000 | |||
| - Varun | 18000 | By int. on drawings A/c | |||
| - Sahil | 12000 | 30000 | - Varun | 900 | |
| To Salary A/c | - Sahil | 600 | 1500 | ||
| - Varun | 7200 | ||||
| - Sahil | 8400 | 15600 | |||
| To Profit transferred to capital A/cs | |||||
| - Varun | 22600 | ||||
| - Sahil | 11300 | 33900 | |||
| 79500 | 79500 |
Capital Accounts
| Particulars | Varun | Sahil | Particulars | Varun | Sahil |
|---|---|---|---|---|---|
| To Drawings A/c | 30000 | 20000 | By Balance b/d | 300000 | 200000 |
| To Interest on Drawings A/c | 900 | 600 | By Interest on capital A/c | 18000 | 12000 |
| To Bal c/d | 316900 | 211100 | By Salary A/c | 7200 | 8400 |
| By Profit A/c | 22600 | 11300 | |||
| 347800 | 231700 | 347800 | 231700 |
Working Note :
Calculation of Interest on Drawings
Varun : Rs. 30000 x 6/100 x 6/12 = Rs. 900
Sahil : Rs. 20000 x 6/100 x 6/12 = Rs. 600
Note : Since date of drawings is not given, interest has been calculated for 6 months.
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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