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On 1st April 2013 Jay and Vijay entered into partnership for supplying laboratory equipment to govt school situated in remove and backward areas. They contribute capital rs 80000 and 50000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provide that ioc shall be allowed at 9% per annum. During the year the firm earned a profit of rs 7800. Showing the calculation clearly , prepare profit and loss aapropiration a/c of Jay and Vijay for year ended 31 mar 2014?
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On 1st April 2013 Jay and Vijay entered into partnership for supplying...
Profit and Loss Appropriation Account for the year ended 31st March 2014
- **Calculation of Interest on Capital**
- Jay's capital = Rs 80,000
- Vijay's capital = Rs 50,000
- Total capital = Rs 1,30,000
- Interest on capital @ 9% = Rs 11,700 (1,30,000 * 9%)
- **Calculation of Profit**
- Total profit = Rs 7,800
- Interest on capital = Rs 11,700
- Adjusted profit = Rs (11,700 - 7,800) = Rs 3,900
- **Distribution of Profit**
- Jay's share (3/5 of profit) = Rs (3/5 * 3,900) = Rs 2,340
- Vijay's share (2/5 of profit) = Rs (2/5 * 3,900) = Rs 1,560

Profit and Loss Appropriation Account
| Particulars | Amount (Rs) |
|----------------------|-------------|
| Total Profit | 7,800 |
| Less: Interest on Capital | 11,700 |
| Adjusted Profit | 3,900 |
| Jay's share | 2,340 |
| Vijay's share | 1,560 |
| | |
| Total | 3,900 |
This account shows the distribution of profit between Jay and Vijay after considering the interest on capital. Jay receives Rs 2,340 and Vijay receives Rs 1,560 as their shares of the profit. The interest on capital is calculated at 9% per annum as per the partnership deed.
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On 1st April 2013 Jay and Vijay entered into partnership for supplying...
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On 1st April 2013 Jay and Vijay entered into partnership for supplying laboratory equipment to govt school situated in remove and backward areas. They contribute capital rs 80000 and 50000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provide that ioc shall be allowed at 9% per annum. During the year the firm earned a profit of rs 7800. Showing the calculation clearly , prepare profit and loss aapropiration a/c of Jay and Vijay for year ended 31 mar 2014?
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On 1st April 2013 Jay and Vijay entered into partnership for supplying laboratory equipment to govt school situated in remove and backward areas. They contribute capital rs 80000 and 50000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provide that ioc shall be allowed at 9% per annum. During the year the firm earned a profit of rs 7800. Showing the calculation clearly , prepare profit and loss aapropiration a/c of Jay and Vijay for year ended 31 mar 2014? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about On 1st April 2013 Jay and Vijay entered into partnership for supplying laboratory equipment to govt school situated in remove and backward areas. They contribute capital rs 80000 and 50000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provide that ioc shall be allowed at 9% per annum. During the year the firm earned a profit of rs 7800. Showing the calculation clearly , prepare profit and loss aapropiration a/c of Jay and Vijay for year ended 31 mar 2014? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1st April 2013 Jay and Vijay entered into partnership for supplying laboratory equipment to govt school situated in remove and backward areas. They contribute capital rs 80000 and 50000 respectively and agreed to share the profit in the ratio of 3:2. The partnership deed provide that ioc shall be allowed at 9% per annum. During the year the firm earned a profit of rs 7800. Showing the calculation clearly , prepare profit and loss aapropiration a/c of Jay and Vijay for year ended 31 mar 2014?.
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