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Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-
A) Interest on capital @10% p.a
B) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023?
A) Interest on capital @10% p.a
B) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023?
Most Upvoted Answer
Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respec...
<h2>P&L Appropriation Account as on 31st March, 2023</h2>
This P&L Appropriation Account shows the allocation of Net Profit after making necessary adjustments for Nesh's Interest on Capital and Salary. The remaining profit is shared equally between Nesh and Tarl as per their capital balances. Nesh's and Tarl's Shares are Rs 75,000 each.
- Calculation of Nesh's Interest on Capital:
- Calculation of Tarl's Interest on Capital:
- Calculation of Nesh's Salary:
- Calculation of Net Profit:
- P&L Appropriation Account:
Nesh's Capital Balance on 1st April, 2022 = Rs 9,00,000
Nesh's Interest on Capital @10% = 9,00,000 * 10% = Rs 90,000
Tarl's Capital Balance on 1st April, 2022 = Rs 6,00,000
Tarl's Interest on Capital @10% = 6,00,000 * 10% = Rs 60,000
Nesh's Salary for the year = Rs 5,000 * 12 months = Rs 60,000
Net Profit before adjustments = Rs 15,000
| Particulars | Amount (Rs) |
|-----------------------|-------------|
| Net Profit | 15,000 |
| Add: Nesh's Interest on Capital | 90,000 |
| Add: Tarl's Interest on Capital | 60,000 |
| Add: Nesh's Salary | 60,000 |
| Total | 2,25,000 |
| | |
| Less: Nesh's Salary | 60,000 |
| Less: Net Profit Allocated | 15,000 |
| Remaining Profit to be shared | 1,50,000 |
| Nesh's Share | 75,000 |
| Tarl's Share | 75,000 |
| | |
| Total | 2,25,000 |
This P&L Appropriation Account shows the allocation of Net Profit after making necessary adjustments for Nesh's Interest on Capital and Salary. The remaining profit is shared equally between Nesh and Tarl as per their capital balances. Nesh's and Tarl's Shares are Rs 75,000 each.
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Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023?
Question Description
Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023?.
Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023?.
Solutions for Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? defined & explained in the simplest way possible. Besides giving the explanation of
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ample number of questions to practice Capital balances of Nesh and Tarl were Rs 9,00,000 and 6,00,000 respectively on 1st April , 2022. Their partnership provided for the following:-A) Interest on capital @10% p.aB) Nesh is entitled to a salary of Rs 5000 per month. During the year ending 31st March , 2023 they had earned Net profit of Rs 15,000 before adjusting the above mentioned provisions. Prepare P&L appropriation A/c as on 31st March , 2023? tests, examples and also practice UPSC tests.
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