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A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the current acc bal. 10000 5000 2000 acc to the deed the partners were to pay and IOC @ of 10% pa C being the working partner was to give to a salary of 12000 pa the profit were tobe divided as The first rs20000 in prop. to there capital , rs30000 in ratio 5:3:2 remaining profit to be shared equally the firm earned a profit of 1,72,000 before charging any of the above item .prepare p& l app acc.?
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? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the...
&L appropriation account and partners' capital accounts.

P&L Appropriation Account:

Particulars Amount (Rs.)
Profit before charging any item 1,72,000
Interest on capital:
A (10% of 50,000) 5,000
B (10% of 50,000) 5,000
C (10% of 1,00,000) 10,000
Salary to C 12,000
Remaining profit:
First Rs. 20,000 in proportion to capital:
A (20,000 x 5/15) 6,666.67
B (20,000 x 3/15) 4,000
C (20,000 x 2/15) 2,666.67
Next Rs. 30,000 in ratio 5:3:2:
A (30,000 x 5/10) 15,000
B (30,000 x 3/10) 9,000
C (30,000 x 2/10) 6,000
Remaining profit to be shared equally:
A (1,72,000 - 58,666.67) x 1/3 37,111.11
B (1,72,000 - 58,666.67) x 1/3 37,111.11
C (1,72,000 - 58,666.67) x 1/3 37,111.11
Total 1,72,000

Note: The total of all the amounts in the appropriation account comes to the same as the profit before charging any item (1,72,000), which indicates that the account is correct.

Partners' Capital Accounts:

A

Particulars Amount (Rs.) Particulars Amount (Rs.)
Balance b/d 50,000 P&L appropriation:
Add: Share of profit 6,666.67
Add: Share of profit 15,000
Less: Interest on capital 5,000 Balance c/d 67,666.67
Balance c/d 67,666.67 Total 67,666.67
Total 71,666.67

B

Particulars Amount (Rs.) Particulars Amount (Rs.)
Balance b/d 50,000 P&L appropriation:
Add: Share of profit 4,000
Add: Share of profit 9,000
Less: Interest on capital 5,000 Balance c/d 58,000
Balance c/d 58,000 Total 58,000
Total 62,000

C

Particulars Amount (Rs.) Particulars Amount (Rs.)
Balance b/d 1,00,000 P&L appropriation:
Add: Share of profit 2,666.67
Add: Share of profit 6,000
Less: Interest on capital 10,000
Less: Salary 12,000 Balance c/d 87,666.67
Balance c/d 87,666.67 Total 87,666.67
Total 1,00,000

Note: The total of all the amounts in the capital accounts comes to the same as the total capital of the partners (2,00,000), which indicates that the accounts are correct.
Community Answer
? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the...
1,40,000 is the answer
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? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the current acc bal. 10000 5000 2000 acc to the deed the partners were to pay and IOC @ of 10% pa C being the working partner was to give to a salary of 12000 pa the profit were tobe divided as The first rs20000 in prop. to there capital , rs30000 in ratio 5:3:2 remaining profit to be shared equally the firm earned a profit of 1,72,000 before charging any of the above item .prepare p& l app acc.?
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? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the current acc bal. 10000 5000 2000 acc to the deed the partners were to pay and IOC @ of 10% pa C being the working partner was to give to a salary of 12000 pa the profit were tobe divided as The first rs20000 in prop. to there capital , rs30000 in ratio 5:3:2 remaining profit to be shared equally the firm earned a profit of 1,72,000 before charging any of the above item .prepare p& l app acc.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about ? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the current acc bal. 10000 5000 2000 acc to the deed the partners were to pay and IOC @ of 10% pa C being the working partner was to give to a salary of 12000 pa the profit were tobe divided as The first rs20000 in prop. to there capital , rs30000 in ratio 5:3:2 remaining profit to be shared equally the firm earned a profit of 1,72,000 before charging any of the above item .prepare p& l app acc.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ? A,B,C were partners in a firm having Cap of 50000, 50000, 100000 the current acc bal. 10000 5000 2000 acc to the deed the partners were to pay and IOC @ of 10% pa C being the working partner was to give to a salary of 12000 pa the profit were tobe divided as The first rs20000 in prop. to there capital , rs30000 in ratio 5:3:2 remaining profit to be shared equally the firm earned a profit of 1,72,000 before charging any of the above item .prepare p& l app acc.?.
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