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X and Y started business with …

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X and Y started business with capital of Rs. 1,00,000 and Rs. 60,000 on 1st April 2018. Y is entitled to a salary of Rs. 800 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year X withdrew Rs. 16,000 and Y withdrew Rs. 20,000. The profit for the year before allowing for the terms of the partnership deed came to Rs. 60,000. Prepare P&L Appropriation A/c and Partner's Capital A/c.

Posted by Anurag Tigga 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Tamanna Lohia 1 year, 11 months ago

P/L App. A/c Dr. Int. On capital: x -6000 y-3600 Salary: y-9600 Divisible profit: x-20940 y-20940 Cr. P/L a/c 60000 Int of drawings: x-480 y-600

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