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Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-
A) Interest on Capital @10% p.a
B) Interest on Drawings @6% p.a
C) Jatin is entitled to a salary of Rs 14,000 per month.
D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.?
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Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their...
Profit and Loss Appropriation Account for the year ended 31st March, 2023

Calculation of Net Profit:
Net Profit before adjustments: Rs 15,48,700

Adjustments:
1. Interest on Capital:
- Jatin: 4,50,000 * 10% = Rs 45,000
- Parekh: 4,50,000 * 10% = Rs 45,000
2. Interest on Drawings:
- Jatin: 40,000 * 6% = Rs 2,400
- Parekh: 30,000 * 6% = Rs 1,800
3. Salary to Jatin:
- Rs 14,000 * 12 months = Rs 1,68,000
4. Rent to Parekh:
- Rs 25,000

Calculation of Profit Available for Appropriation:
Net Profit: Rs 15,48,700
Add: Interest on Capital: Rs 45,000 + Rs 45,000 = Rs 90,000
Less: Interest on Drawings: Rs 2,400 + Rs 1,800 = Rs 4,200
Less: Salary to Jatin: Rs 1,68,000
Less: Rent to Parekh: Rs 25,000

Final Calculation:
Profit Available for Appropriation: Rs 15,48,700 + Rs 90,000 - Rs 4,200 - Rs 1,68,000 - Rs 25,000

Conclusion:
The Profit and Loss Appropriation Account will show the distribution of the net profit after adjusting for the various provisions mentioned in the partnership deed. It is important to calculate each adjustment accurately to determine the final profit available for appropriation among the partners.
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Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.?
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Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 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 Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 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 Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.?.
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Here you can find the meaning of Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 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 Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.?, a detailed solution for Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.? has been provided alongside types of Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 before adjusting the above mentioned provisions , prepare P&L Appropriation A/c as on 31st March , 2023.? theory, EduRev gives you an ample number of questions to practice Jatin and Parekh were partners sharing P&L in the ratio of 3:3 . Their capital balances is on 1st April 2022 were 4,50,000 each. During the year they had withdrawn Rs 40,000 and 30,000 respectively. Their partnership Deed provides the following:-A) Interest on Capital @10% p.a B) Interest on Drawings @6% p.aC) Jatin is entitled to a salary of Rs 14,000 per month.D) Parekh is entitled to a half yearly rent of Rs 25,000. During the year ending 31st March , 2023 they had earned a net profit of Rs 15,48,700 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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