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Ajay and vijay are partner sharing …

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Ajay and vijay are partner sharing profit in the ratio of 3:2. Ajay is a non - working partner and contributed 2000000 as his capital . Vijay is a working partner of the firm . the partnership deed provides for intrest on capital @8% p.a and salary to every workings partner @8000per month . profit before providing for intrest on capital and partners salary for the year ended 31st march 2020 was rupees 80000 . show the distribution of profit . please clear my concept fast as possible as

Posted by Simran Morya 5 years, 5 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 5 months ago

PROFIT AND LOSS APPROPRIATION ACCOUNT

Particulars	Amount	Particulars	Amount
To Interest on capital X= 50,000 To Salary Y= 30,000	80,000	By net profit	80,000
Total	80,000	Total	80,000

Interest on X's capital = 20,00,000*8%=1,60,000

Salary to Y = 8000*12 = 96,000

Total = 2,56,000

Net profits available is less than the appropriations to be made. So,the appropriations are to be made in the ratio of interest and salary i.e 5:3.

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