Question 6 Chapter 2 of Class 12 Part – 1
6. Kunal and Pawan were partners in a firm sharing profits in 4:3 ratio. Their capitals on 1.4.2017 were: Kunal Rs. 1,12,000 and Pawan Rs. 84,000. The partnership deed provided as follows:
(i) Interest on capital and drawings will be allowed and charged @ 12% pa and 10% pa. respectively.
(ii) Kunal and Pawan will be entitled to get monthly salary of Rs. 2,800 and Rs. 4,200 respectively.
The profits for the year ended 31.3.2018 were Rs. 1,40,420. The drawings of Kunal and Pawan were Rs. 56,000 and Rs. 70,000 respectively. Interest on Kunal’s drawings was Rs. 2,800 and Pawan’s drawings Rs. 3,500.
Prepare Profit and Loss Appropriation Account of Kunal and Pawan for the year ended 31.3.2018 assuming that the capitals of the partners were fluctuating.
The solution of Question 6 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
(For the year ended 31st March, 2018)
|To Interest on Capital A/c:||By Net Profit||1,40,420|
|Pawan||10,080||23,520||By Interest on Drawings|
|To Partner’s Salary A/C||Kunal||2,800|
|To Profit Transferred To Capital A/C’s|
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