UPSC Exam  >  UPSC Questions  >  X and y introduced capital 30000 respectively... Start Learning for Free
X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac?
Most Upvoted Answer
X and y introduced capital 30000 respectively on 1 july 2017 and intre...
Profit and Loss Appropriation Account
- Profit for the year: $10,000
- Interest on Capital: 10% p.a.
- Monthly drawings: $500 each
- Year-end drawings: $4,500 each

Calculation of Interest on Capital:
X's capital on 1st July 2017 = $30,000
Y's capital on 1st July 2017 = $30,000
Total capital for the year = $60,000
Interest on capital = 10% of $60,000 = $6,000

Calculation of Monthly Drawings:
Monthly drawings for X and Y = $6,000 / 12 = $500 each

Year-End Drawings:
Year-end drawings for X and Y = $4,500 each

Profit Distribution:
Total profit = $10,000
X's share = $5,000
Y's share = $5,000

Profit and Loss Appropriation Account
| Particulars | Amount ($) |
|------------------|------------|
| Profit for the year | 10,000 |
| Interest on Capital | 6,000 |
| X's share of profit | 5,000 |
| Y's share of profit | 5,000 |
| X's drawings | 4,500 |
| Y's drawings | 4,500 |
| Balance C/D | 7,000 |
| Total | 10,000 |
The remaining profit of $7,000 will be carried forward to the next financial year.
Explore Courses for UPSC exam

Top Courses for UPSC

X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac?
Question Description
X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac?.
Solutions for X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? defined & explained in the simplest way possible. Besides giving the explanation of X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac?, a detailed solution for X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? has been provided alongside types of X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? theory, EduRev gives you an ample number of questions to practice X and y introduced capital 30000 respectively on 1 july 2017 and intrest on capital and drawings is to be charged 10%p.a . they will share profits and losses in equal ratio and entitled to withdrew 6000p.a.each in equal monthly installkents during the year. but they draw 4500 each as their financial year ended on 31 march 2018. on this date their p/l ac shows a profit of 10000. show the p/l appropriation ac? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

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