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प्रश्न
Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of Rs 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2016 and 2017 are Rs 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.
उत्तर
Profit and Loss Appropriation Account as on
March 31, 2016
Dr. Cr.
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||||||||
|
Profit transferred to |
20,000 |
Profit and Loss |
40,000 |
|||||||||
|
Siddharth’s Capital |
12,000 |
10,000 |
||||||||||
|
Less: Guarantee to Kusum’s |
(2,000) |
|||||||||||
| Kusum’s Capital |
8000 |
10,000 |
||||||||||
| Add: Deficiency received from Siddharth |
2,000 |
|||||||||||
|
40,000 |
40,000 |
|||||||||||
Profit and Loss Appropriation Account as on
March 31, 2017
Dr. Cr.
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
||
|
Profit transferred to |
|
Profit and Loss |
60,000 |
||
|
Abhay’s Capital |
30,000 |
||||
|
Siddharth’s Capital |
18,000 |
||||
|
Kusum’s Capital |
12,000 |
||||
|
|
60,000 |
|
60,000 |
||
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The following balances are extracted from the books of the firm on March 31, 2017.
|
|
Sukesh (Rs) |
Verma* (Rs) |
|
Capital Accounts |
40,000 |
40,000 |
|
Current Accounts |
(Cr.) 7,200 |
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|
Drawings |
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8,150 |
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Following is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2017:
|
Balance Sheet as at March 31, 2017 |
|||
|
|
Amount |
|
Amount |
|
Liabilities |
Rs |
Assets |
Rs |
|
Neelkant’s Capital |
10,00,000 |
Sundry Assets |
30,00,000 |
|
Mahadev’s Capital |
10,00,000 |
|
|
|
Neelkant’s Current Account |
1,00,000 |
|
|
|
Mahadev’s Current Account |
1,00,000 |
|
|
|
Profit and Loss Apprpriation |
|
|
|
|
(March 2017) |
8,00,000 |
|
|
|
|
30,00,000 |
|
30,00,000 |
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|
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| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
