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Ram & Sham are partners sharing …

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Ram & Sham are partners sharing profits & losses in ratio of 3:2. Ram being non-working partner contributes Rs. 20,00,000 as his capital & Shyam being a working parties, gets a salary of Rs. 8000 per month. As per partnership deed interest is paid @ 8% p.a. & salary is allowed. Profits before providing that for year ending 31st March 2015 were Rs. 80,000. Show the distribution of profits.

Posted by Divyanshi Kapoor 3 years, 5 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 3 years, 5 months ago

Profit & Loss Appropriation Account for the year ended 31.3.15
Dr. Cr.

Particulars	Rs.	Particulars	Rs.
To Ram’s Capital A/c (Interest) To Shyam’s Capital A/c (Salary)	50,000 30,000	By Profit & Loss A/c (Net Profits)	80,000
80,000	80,000

working Notes: Interest on capital == Rs. 1,60,000
Salary = =Rs. 96,000
Total 2,56,000
Ratio of Interest & Salary = 1,600,000 : 96,000 = 5 : 3
Profits share given to Ram = Rs. 50,000
Shyam = = Rs. 30,000

ANSWER

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