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P and Q are partners sharing profit and losses in the ratio of 3:2 with their capitals on 1st January, 2023 as 3,00,000and 1,00,000 respectively. interest on capital is allowed at the rate 5% per annum is a lot and annual salary of 3000 which he has not withdrawn during 2023 the profit prayer to calculation of interest but after charging close salary amount 45000 prepare profit and loss appropriation account showing allocation of profits?
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P and Q are partners sharing profit and losses in the ratio of 3:2 wit...
Profit and Loss Appropriation Account for the year 2023
Profit and loss appropriation account is prepared to allocate profits among partners after considering interest on capital and partner's salary.

Calculation of Interest on Capital
- P's capital = Rs. 3,00,000, Q's capital = Rs. 1,00,000
- Interest rate = 5% per annum
- P's interest = 3,00,000 * 5% = Rs. 15,000
- Q's interest = 1,00,000 * 5% = Rs. 5,000

Calculation of Partner's Salary
- Partner's salary = Rs. 3,000 (unwithdrawn during 2023)

Profit and Loss Appropriation Account
- Profit for the year = [Calculate the total profit before distribution]
- Add: Interest on capital (P's interest + Q's interest)
- Less: Partner's salary
- Net profit available for appropriation

Allocation of Profits
- P and Q share profits in the ratio of 3:2
- Calculate P's share = Net profit * 3/5
- Calculate Q's share = Net profit * 2/5
This way, the profits are allocated among partners after considering interest on capital and partner's salary, ensuring a fair distribution based on their capital contributions and profit-sharing ratio.
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P and Q are partners sharing profit and losses in the ratio of 3:2 with their capitals on 1st January, 2023 as 3,00,000and 1,00,000 respectively. interest on capital is allowed at the rate 5% per annum is a lot and annual salary of 3000 which he has not withdrawn during 2023 the profit prayer to calculation of interest but after charging close salary amount 45000 prepare profit and loss appropriation account showing allocation of profits?
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P and Q are partners sharing profit and losses in the ratio of 3:2 with their capitals on 1st January, 2023 as 3,00,000and 1,00,000 respectively. interest on capital is allowed at the rate 5% per annum is a lot and annual salary of 3000 which he has not withdrawn during 2023 the profit prayer to calculation of interest but after charging close salary amount 45000 prepare profit and loss appropriation account showing allocation of profits? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about P and Q are partners sharing profit and losses in the ratio of 3:2 with their capitals on 1st January, 2023 as 3,00,000and 1,00,000 respectively. interest on capital is allowed at the rate 5% per annum is a lot and annual salary of 3000 which he has not withdrawn during 2023 the profit prayer to calculation of interest but after charging close salary amount 45000 prepare profit and loss appropriation account showing allocation of profits? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P and Q are partners sharing profit and losses in the ratio of 3:2 with their capitals on 1st January, 2023 as 3,00,000and 1,00,000 respectively. interest on capital is allowed at the rate 5% per annum is a lot and annual salary of 3000 which he has not withdrawn during 2023 the profit prayer to calculation of interest but after charging close salary amount 45000 prepare profit and loss appropriation account showing allocation of profits?.
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