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Shankar and Manu are partners in …

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Shankar and Manu are partners in a firm .on 1st April 2014 their fixed capitals accounts showed a balance of 200000 and 400000 respectively

    • Posted by Avni Pareek 1 year, 11 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Preeti Dabral 1 year, 11 months ago

    PROFIT AND LOSS APPROPRIATION ACCOUNT
    (for the year ended 31st March, 2015) 

    Dr.         Cr.
    Particulars   ₹ Particulars   ₹
    To General Reserve A/c (10% of 4,97,750)   49,775 By Profit & Loss A/c 5,00,000  
    To Interest on Capital:     Less: Interest on Loan 2,250(5) 4,97,750
    Shankar's Current A/c 25,000(1)   By Interest on Drawings(3)    
    Manu's Current A/c (10% of 4,00,000) 40,000 65,000 Shankar's Current A/c 1,800  
    To Profit transferred to:     Manu's Current A/c 1,800 3,600
    Shankar's Current A/c 2,31,945        
    Manu's Current A/c 1,54,630 3,86,575      
        5,01,350     5,01,350

    PARTNER'S FIXED CAPITAL ACCOUNTS

    Dr.             Cr.
    Date Particulars Shankar
    ₹    		 Monu
    ₹    		 Date Particulars Shankar
    ₹    		 Manu
    ₹
    2015 Mar. 31 To Bal. c/d 4,00,000 4,00,000 2014 Apr 1 By bal. b/d 2,00,000 4,00,000
            Jan. 1 By Bank A/c 2,00,000  
        4,00,000 4,00,000     4,00,000 4,00,000

    PARTNER'S CURRENT ACCOUNTS

    Dr.         Cr.
    Particulars Shankar
    ₹    		 Manu
    ₹    		 Particulars Shankar
    ₹    		 Manu
    ₹
    To Drawings(2) 24,000 24,000 By Balance b/d 50,000 1,00,000
    To Interest on Drawings 1,800 1,800 By Interest on Capital 25,000 40,000
    To Bal c/d 2,81,145 2,68,830 By Profit & Loss Appropriation A/c 2,31,945 1,54,630
      3,06,945 2,94,630   3,06,945 2,94,630

    MANU'S LOAN ACCOUNT 

    Dr.         Cr.
    Date Particulars ₹ Date Particulars ₹
    2015 Mar. 31 To Balance c/d 1,52,250 2015 Jan. 1 By Bank A/c 1,50,000
          Mar. 31 By Interest on Loan A/c(5) 2,250
        1,52,250     1,52,250

    Working Note: 

    1. interest on Shankar's Capital ={tex}2,00,000\times\frac{10}{100}\times\frac{9}{12}+4,00,000\times\frac{10}{100}\times\frac{3}{12}{/tex} = 25,000 
    2. Total Drawings = 6,000 {tex}\times{/tex} 4 = 24,000
    3. Interest on Drawings:
      Since drawings are made at the beginning of each quarter, interest will be charged for 7.5 months: {tex}24,000 \times \frac{12}{100} \times \frac{7.5}{12}{/tex} = ₹1,800
    4. If Partnership deed is silent about Interest on Loan then Interest on Loan will be allowed @6% p.a.
    5. Interest on Loan = {tex}1,50,000 \times \frac{6}{100} \times \frac{3}{12}{/tex} = 2,250

    2Thank You

    ANSWER
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