Name any two items which are shown on the debit of Profit and Loss Appropriation Account. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Interest on Capital, (ii) Salary to Partners. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostName the method of calculating interest on Drawings of the Partners if the different amounts are withdrawn on different dates. Next PostName any two items which are shown on the credit of Profit and Loss Appropriation Account. You Might Also Like Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at Rs. 6,00,000; Rs. 5,00,000 and Rs. 4,00,000 respectively on 1st April, 2021. They shared Profits and Losses in the proportion of 4: 2: 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ Rs. 7,000 per month and Rs. 10,000 per quarter respectively as per the provision of the Partnership Deed. Sholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2021 amounted to Rs. 4,24,000. (Delhi 2013, Modified). Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2022. October 18, 2022 At what rate interest on Calls-in-Advance may be paid by a Company according to Table F of Schedule I of the Companies Act, 2013? September 28, 2022 Why do we calculate Gaining Ratio? October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at Rs. 6,00,000; Rs. 5,00,000 and Rs. 4,00,000 respectively on 1st April, 2021. They shared Profits and Losses in the proportion of 4: 2: 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ Rs. 7,000 per month and Rs. 10,000 per quarter respectively as per the provision of the Partnership Deed. Sholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2021 amounted to Rs. 4,24,000. (Delhi 2013, Modified). Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2022. October 18, 2022
At what rate interest on Calls-in-Advance may be paid by a Company according to Table F of Schedule I of the Companies Act, 2013? September 28, 2022