Question 41 Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 41 Chapter 2 - Unimax Class 12 Part 1

41. Ram and Gopal are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st January, 2021 their fixed capitals were Rs. 100000 and Rs. 150000 respectively. On 31st March, 2021 they decided that their total capital (fixed) should be Rs. 300000. It was further decided that the capital (fixed) should be in their profit sharing ratio.
Accordingly they introduced or withdrew the necessary Capital. The partnership deed provided the following :
(i) Interest on Capital @ 12% per annum.
(ii) Interest on drawings @ 18% per annum.
(iii) Salary to Ram @ Rs. 2000 per month and to Gopal @ Rs. 3000 per month.
The drawings of Ram and Gopal during the year were as follows :

The profit earned by the firm for the year ended 31st December, 2021 was Rs. 200000. 10% of this profit was to be kept in a reserve.
You are required to prepare :
(i) Profit and Loss Appropriation Account
(ii) Capital Accounts of Ram and Gopal.
(iii) Current Accounts of Ram and Gopal.