CA Foundation Exam  >  CA Foundation Questions  >  Please solute this question by giving followi... Start Learning for Free
Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.?
Most Upvoted Answer
Please solute this question by giving following information:x and y ar...


Profit and Loss Appropriation Account



Calculation of Interest on Capital:
- X's interest on capital = 10% of 18000 = 1800
- Y's interest on capital = 10% of 24000 = 2400
- Total interest on capital = 1800 + 2400 = 4200



Calculation of Interest on Drawings:
- X's interest on drawings = 12% of 10000 = 1200
- Y's interest on drawings = 12% of 9000 = 1080
- Total interest on drawings = 1200 + 1080 = 2280



Net Profit:
- Let's assume the net profit before interest on capital and drawings is X
- X's share of profit = 3X/5
- Y's share of profit = 2X/5



Adjustment for Interest on Capital and Drawings:
- Net profit = X - Total interest on capital - Total interest on drawings
- X's share of profit after adjustments = X - 4200 - 2280
- Y's share of profit after adjustments = 2/5 * (X - 4200 - 2280)



Complete the Profit and Loss Appropriation Account:
- Start with the net profit before adjustments
- Deduct interest on capital and drawings
- Allocate the remaining profit to X and Y based on their profit-sharing ratio
- Finally, calculate the total for both partners



By following these steps, you can accurately prepare the Profit and Loss Appropriation Account based on the provided information.
Explore Courses for CA Foundation exam
Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.?
Question Description
Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.?.
Solutions for Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? defined & explained in the simplest way possible. Besides giving the explanation of Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.?, a detailed solution for Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? has been provided alongside types of Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? theory, EduRev gives you an ample number of questions to practice Please solute this question by giving following information:x and y are partners sharing profits in the ratio of 3:2.their partnership deed provided for allowing interest on capital at the rate of 10% per annum and charging interest on drawings at the rate 12% per anumn. please make Profit and Loss appropriation account by giving incomplete information interest on Capitals of 18000 end of y24 000 interest on drawings by X 10000 by Y 9000 and interest on drawings for at 10000 for buy 9000.? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev