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Deepanshu Himanshu and Pulkit are partners sharing profit and loss and their capital account capital account is the password to like Himanshu 90000 Pulkit 50000 current account 15000 1600 balance Anshu 25000 Himanshu credit balance Pulkit 32500 credit balance drawings 25520 Manshu 15000 and at the rate percent per annum 10% of 12% respectively before closing the accounts following point 1 notice machinery purchased on 1st October 2018 10000 debited to repair accounts and depreciation charged thereon at the rate of 15% per annum personal expenses paid to Himanshu 48 6000 word was debited to which is of 13th September 2018 life insurance premium paid off Dipanshu rate 6500 was paid by the form of 31 3 2019 charge to office expenses prepare Profit and Loss appropriation account for the year ending 31 March 2019
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Deepanshu Himanshu and Pulkit are partners sharing profit and loss and...
**Profit and Loss Appropriation Account for the year ending 31st March 2019**

**1. Calculation of Profit/Loss**

- Opening Capital:
- Himanshu: ₹90,000
- Pulkit: ₹50,000

- Current Account Opening Balance: ₹15,000

- Drawing:
- Himanshu: ₹25,520
- Pulkit: ₹32,500

- Closing Capital:
- Himanshu: ₹? (to be calculated)
- Pulkit: ₹? (to be calculated)

- Interest on Capital:
- Himanshu: 10% p.a.
- Pulkit: 12% p.a.

**2. Calculation of Capital Balance**

- Himanshu's Capital:
- Opening Capital: ₹90,000
- Add: Interest on Capital (10%): ₹(90,000 * 10%)
- Less: Drawings: ₹25,520
- Closing Capital: ₹?

- Pulkit's Capital:
- Opening Capital: ₹50,000
- Add: Interest on Capital (12%): ₹(50,000 * 12%)
- Less: Drawings: ₹32,500
- Closing Capital: ₹?

**3. Calculation of Himanshu's Capital**

- Opening Capital: ₹90,000
- Add: Interest on Capital (10%): ₹(90,000 * 10%)
- Less: Drawings: ₹25,520
- Closing Capital: ₹(90,000 + (90,000 * 10%) - 25,520)

**4. Calculation of Pulkit's Capital**

- Opening Capital: ₹50,000
- Add: Interest on Capital (12%): ₹(50,000 * 12%)
- Less: Drawings: ₹32,500
- Closing Capital: ₹(50,000 + (50,000 * 12%) - 32,500)

**5. Profit/Loss Distribution**

- Calculate the total profit/loss for the year:
- Profit = Closing Capital (Himanshu) - Opening Capital (Himanshu) + Closing Capital (Pulkit) - Opening Capital (Pulkit)

- Calculate the ratio of profit/loss distribution:
- Himanshu's Share = (Closing Capital (Himanshu) - Opening Capital (Himanshu)) / Profit * 100
- Pulkit's Share = (Closing Capital (Pulkit) - Opening Capital (Pulkit)) / Profit * 100

**6. Preparation of Profit and Loss Appropriation Account**

- Profit and Loss Appropriation Account for the year ending 31st March 2019:

| Particulars | Amount (₹) |
|-------------|------------|
| Profit and Loss Brought Forward | 0 |
| Add: Net Profit for the year | Profit |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Total | Profit |

- Allocate the profit/loss as per the agreed ratio.

**Note: The exact calculations for closing capitals, profit/
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Deepanshu Himanshu and Pulkit are partners sharing profit and loss and their capital account capital account is the password to like Himanshu 90000 Pulkit 50000 current account 15000 1600 balance Anshu 25000 Himanshu credit balance Pulkit 32500 credit balance drawings 25520 Manshu 15000 and at the rate percent per annum 10% of 12% respectively before closing the accounts following point 1 notice machinery purchased on 1st October 2018 10000 debited to repair accounts and depreciation charged thereon at the rate of 15% per annum personal expenses paid to Himanshu 48 6000 word was debited to which is of 13th September 2018 life insurance premium paid off Dipanshu rate 6500 was paid by the form of 31 3 2019 charge to office expenses prepare Profit and Loss appropriation account for the year ending 31 March 2019 Related: Profit and Loss Appropriation Account - Class 12, Accountancy?
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