2.

84 Double
Entryy Book
Boo Keeping-CBSEXW
Profit and Loss
afvopm ak m
3.
Vinod and Appropriation
propriation Account
Mohan are partners. Vinod's Capital is 1,00,000 and Mohan'sCapital is 7 60,000.
han are
capitai is payable
Prepare Profit and @ p.a. Vinod is to get salaryof 3,000 per month. Net Prof ofit for the
year i nterest on
14. X,Y
and Z
nd Loss Apropriation
I

are arthers
par
Account [Ans.: of Share Profit: Vinod-
17,200;
Mohan
in a firm sharing profits in the ratio of 2:2:1. Fxed capitals of the na
80,17000200
i s to be 5,00,000 and Z 2,50,000 respectively. The Partnersnip Deed provides that were
be alloweda salary of 2,000 per month. Profit ofthat inte test on
allowed @ 10% p.a. Zis to
ended 31st March,
Prepare Profit and 2021 after debiting Z's the firm
15. Loss
salary was 4,00,0 for the
Xand Y
are partner Appropriation Account. Ans.: Divisible Profit--2,75,000u
Interest on capital profts in the ratio of 3:2 with
capitals of 7 8,00,000 and R 6,00,00 00
beenon capital is agreed agreed @ 5% p.a. Y is to be 000 respectively.
Y's withdrawn. Profit for the allowed an annual salary
of t 60,000 which n
A
salary was 2,40,000.
ear
year ended 31st March, 2021 before
interest on capital has not
provision but: after chargind
of 5% of
the netprofit is
repare Profit and pr to be made in
respect of commission to
Loss Appro the
propriation Account showing the Manager.
allocation of profits.
[Ans.: Provision for
16. Atul
and
Manager's Commission- 15,000
Mithun (i.e., 5% of
Balances as on 1st partners sharing profits in the ratio of 3: Share of Profit: X-R 93,000; Y-3,00,000
are

Capital Accounts April, 2020 were as follows:

2. 62,003
(Fixed):
Loan
Acounts: Atul- Atul-R 5,00,000 and
It was Mithun-6,00,000.
agreed to allow and3,00,000 (Cr.) and Mithun-F 2,00,000
@10% p.a. Interest charge interest @ 8% (Dr.)
p.a.
Profit before
on
Drawings was Partnership Deed provided to
giving effect to above wascharged 5,000 each. allow interest on
Prepare Profit and Loss R
2,28,000 for the year capital
Appropriation Account. ended 31st
March, 2021.
17. Reema and Seema are [Ans.:
Share of
and Seema will partners sharing Profit: Atul- 72,000;
get monthly profits equally. and Mithun-
lnterest on Drawings will salary of 15,000 The Partnership 48,000
be each, Interest Deed provides
the year were
60,000 each. charged@
charged @ 10%
109% p.a.
p.a. Their on that both Reema
The firm incurred
Their
capitals wereCapital will be allowed@5% @5% p.a.
net loss of 7
1,00,0 5,00,000
5,00,000 each pa. anand
Prepare Profit and Loss 0,000 during the and draw
and drawings
awings during
durny
Appropriation Account for year ended 31st
the year March, 2021.
18. Bhanu and Ans.: LossR 94,000; ended 31st
Partap are partners
sharing Reema' s March, 2021.
8,00,000 0 and 10,00,000 profits equally.
profits equally. Thei Share- 47,000;
respecti respectively.
Interest on Capital is a drawings Their ed
Their drawine fixed capitals Seema's Share-
be charged @ 15% p.a. Profit charge and is to be during capitals as
the year as on
on 1st April, 2020
were
tor the
F 1,20,000. year ended 31st allowed@ were
March 2021 10% p.a. and 50,000 00 and R 1,00,00
Prepare Profit and Loss Appropriation before givinginterest on dra
interest on drawings isto
Account. effecttot the abovevwas
Ans.: Loss48,750;Dr.
Bhanu's Current A
and Parta