No products in the cart.

Radha and Raman are partners in …

CBSE, JEE, NEET, CUET

CBSE, JEE, NEET, CUET

Question Bank, Mock Tests, Exam Papers

NCERT Solutions, Sample Papers, Notes, Videos

Radha and Raman are partners in a firm sharing profits and losses in the ratio of 5:2. Capital contributed by them is Rs. 50,000 and Rs. 20,000 respectively. Radha was given salary of Rs. 10,000 and Raman Rs. 7,000 per annum. Radha advanced loan of Rs. 20,000 to firm without any agreement to rate of interest in deed while in deed rate of interest on capital was mentioned as 6% p.a. Profits for the year are Rs. 29,400. Prepare Profit and Loss Appropriation Account for the year ending 31st March 2015. Solution: Profit and Loss Appropriation account For the year ending on 31.03.2015 Dr. Cr. Particulars Rs. Particulars Rs. To Interest on Capital: Radha 3,000 Raman 1,200 To Partner’s Salary Radha 10,000 Raman 7,000 To Profits transferred to capital A/cs of: Radha 5,000 Raman 2,000 4,200 17,000 7,000 By Profit and Loss A/c (Net Profits)29,400 Less: Interest On Radha’s loan 1,200 28,200 28,200 28,200 When appropriation are more than available profits In such case available profits are distributed in the ratio of appropriation.
  • 1 answers

U. Shri Kavya Kavya 8 months, 2 weeks ago

This content has been hidden. One or more users have flagged this content as inappropriate. Once content is flagged, it is hidden from users and is reviewed by myCBSEguide team against our Community Guidelines. If content is found in violation, the user posting this content will be banned for 30 days from using Homework help section. Suspended users will receive error while adding question or answer. Question comments have also been disabled. Read community guidelines at https://mycbseguide.com/community-guidelines.html

Few rules to keep homework help section safe, clean and informative.
  • Don't post personal information, mobile numbers and other details.
  • Don't use this platform for chatting, social networking and making friends. This platform is meant only for asking subject specific and study related questions.
  • Be nice and polite and avoid rude and abusive language. Avoid inappropriate language and attention, vulgar terms and anything sexually suggestive. Avoid harassment and bullying.
  • Ask specific question which are clear and concise.

Remember the goal of this website is to share knowledge and learn from each other. Ask questions and help others by answering questions.
http://mycbseguide.com/examin8/

Related Questions

Ganesh Ltd offered to the public
  • 0 answers

myCBSEguide App

myCBSEguide

Trusted by 1 Crore+ Students

Test Generator

Test Generator

Create papers online. It's FREE.

CUET Mock Tests

CUET Mock Tests

75,000+ questions to practice only on myCBSEguide app

Download myCBSEguide App