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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?
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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.
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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?
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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?.
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