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प्रश्न
Ruma and Neha started business on 1st April, 2021, with fixed capitals of ₹ 4,00,000 and ₹ 3,50,000 respectively. On 1st October, 2021, they decided that their total capital (fixed) should be ₹ 8,00,000, in their profit-sharing ratio of 3 : 2.
Accordingly, they introduced extra capital or withdrew excess capital.
Their partnership deed provided for the following:
- Interest on capital to be allowed @ 10% per annum.
- A monthly salary of ₹ 1,000 each to be allowed to both Ruma and Neha.
- Interest on drawings to be charged @ 18% per annum.
Ruma had withdrawn ₹ 12,000, during the year. As per the deed, the interest on her drawings amounting to ₹ 1,080 to be charged from her.
During the year ending 31st March, 2022, the firm earned a net profit of ₹ 2,04,000 before charging manager's commission of ₹ 20,400 and interest on bank loan of ₹ 4,000.
You are required to:
- Give the journal entry to close Ruma's Drawings Account.
- Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2022.
उत्तर
(i)
| Journal | |||
| Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| Ruma's Current A/c ...Dr. | 12,000 | ||
| To Ruma's Drawings A/c | 12,000 | ||
| (Closing entry for Ruma's Drawings A/c) | |||
(ii)
| Dr. | Profit and Loss Appropriation Account or the year ended 31st March, 2022 |
Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Interest on Capital: | By Profit and Loss A/c | 2,04,000 | 1,79,600 | ||
| Ruma's current A/c | 44,000 | 77,500 | Less: Manager's Commission | (20,400) | |
| Neha's current A/c | 33,500 | Less: Interest on bank loan |
(4,000) | ||
| To Partners Salary: | By Interest on Drawings | ||||
| Ruma's current A/c | 12,000 | 24,000 | Ruma's current A/c | 1,080 | |
| Neha's current A/c | 12,000 | ||||
| To Profit transferred to: | |||||
| Ruma's current A/c | 47,508 | 79,180 | |||
| Neha's current A/c | 31,672 | ||||
| 1,80,680 | 1,80,680 | ||||
Working Note:
Calculation of Interest on Capital:
Ruma's capital on 1st April 2021 = ₹ 4,00,000
Ruma's New Capital on 1st Oct., 2021 = `8,00,000 xx 3/5` = ₹ 4,80,000
Interest on Ruma' s Capital:
For period from (1st April to 1st Oct. 2021) -
= `4,00,000 xx 10/100 xx 6/12` = ₹ 20,000
For period from (1st Oct. 2021 to 31st March 2022) -
= `4,80,000 xx 10/100 xx 6/12` = ₹ 24,000
Total interest on Ruma's capital = 20,000 + 24,000 = ₹ 44,000
Neha' s capital on 1st April 2021 = ₹ 3,50,000
Neha' s new capital as on 1st Oct. 2021 = `8,00,000 xx 2/5` = ₹ 3,20,000
Interest on Neha' s Capital:
For period from (1st April to 1st Oct. 2021) -
= `3,50,000 xx 10/100 xx 6/12` = ₹ 17,500
For period from (1st Oct. 2021 to 31st March 2022) -
= `3,20,000 xx 10/100 xx 6/12` = ₹ 16,000
Total interest on Neha's Capital = 17,500 + 16,000 = ₹ 33,500
APPEARS IN
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- Profit and Loss Appropriation Account.
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