WS / HW / / RS / 194 : 2021 – 2022 : TERM : I / II

NAME________________________ CLASS: AS DIV: _____ ROLL NO.: ____ DATE: ____________

SUBJECT: ACCOUNTING TOPIC: PARTNERSHIP ACCOUNTS TEACHER’S NAME: MANJUL BHATIA

Note: This sheet can be assessed. MARKS / GRADE: ___

____________________________________________________________________________

Income Statement and Appropriation Account for the year ended _ _ _

$ $

Interest on Partners Loan XX

___
Net Profit XX

Add : Interest on Drawings

A XX
B XX XX

Less : Partners Salary

A XX
B XX XX

Less : Interest on Capital

A XX
B XX XX

Residual Profit XX
Profit Share : A XX
B XX XX

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 Total Profit of Partner

Profit Share XX
Add : Interest on Capital XX
Add : Partners Salary XX
Less : Interest on Drawings XX
Total Profit XX

Partners Current Account

Details A B Details A B

Balance b/d XX Balance b/d XX

Drawings XX XX Interest on Partners Loan XX XX
Interest on Drawings XX XX Partners Salary XX XX
Interest on Capital XX XX
Profit Share XX XX
Balance c/d XX __ Balance c/d __ XX
XX XX XX XX
Balance b/d XX Balance b/d XX

In absence of Partnership agreement

Interest on Partners loan will be @ 5% per annum
No Interest on Drawings
No Partners Salary
No Interest on Capital
Profit Share Equally

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 Statement of Financial Position as at _ _ _ _
Cost Depriciation NBV
$ $ $
Non Current Asset
Land & Building XX XX XX
Plant & Machinery XX XX XX
XX XX XX
Current Asset
Inventory XX
Trade receivable XX
Cash & Cash equivalent XX
Other receivable XX XX
XX

Capital and Liability

Partners Capital
A XX
B XX XX

Partners Currernt
A XX
B XX XX

Non Current Liability

Loan from Komal XX

Current Liability
Trade Payable XX
Bank overdraft XX
Other Payable XX XX
XX

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