UPSC Exam  >  UPSC Questions  >  Shreya and Vivek were partners in a firm shar... Start Learning for Free
Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.?
Most Upvoted Answer
Shreya and Vivek were partners in a firm sharing profit in the ratio 3...
Profit and Loss Appropriation Account

  • Net profit before adjustments: 120000
  • Less: Salary to Shreya (12 months x 5000): 60000
  • Less: Commission to Vivek: 30000
  • Interest on Shreya's capital (300000 x 8%): 24000
  • Interest on Vivek's capital (200000 x 8%): 16000
  • Interest on Shreya's drawings (3000 x 4 quarters x 6%): 720
  • Interest on Vivek's drawings (30000): 1800
  • Remaining profit to be distributed


Partners' Capital Accounts

  • Shreya's opening capital: 300000
  • Add: Share of profit (3/5 x profit): 72000
  • Less: Salary (60000) and interest on drawings (720): 60720
  • Closing capital: 330280


  • Vivek's opening capital: 200000
  • Add: Share of profit (2/5 x profit): 48000
  • Less: Commission (30000), interest on drawings (1800), and interest on capital (16000): 47800
  • Closing capital: 247200


Partners' Current Accounts

  • Shreya's opening current account: 100000(cr)
  • Less: Salary (60000) and interest on drawings (720): 60720(cr)
  • Closing current account: 39280(cr)


  • Vivek's opening current account: 28000(Dr)
  • Less: Commission (30000), interest on drawings (1800), and interest on capital (16000): 47800(Dr)
  • Closing current account: 19800(Dr)

Explore Courses for UPSC exam

Similar UPSC Doubts

Top Courses for UPSC

Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.?
Question Description
Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.?.
Solutions for Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? 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 Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? defined & explained in the simplest way possible. Besides giving the explanation of Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.?, a detailed solution for Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? has been provided alongside types of Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? theory, EduRev gives you an ample number of questions to practice Shreya and Vivek were partners in a firm sharing profit in the ratio 3: 2 .the balance in their capital and current accounts as on 1st April 2017 where is under: capital account Shreya: 300000 and Vivek:200000. Current account Shreya: 100000(cr) and Vivek: 28000(Dr). the partnership deed provide that Shreya was to be paid a salary of 5000 per month where as Vivek was to get a commission of 30000 for the year .interest on capital was to be allowed at 8% per annum .where as interest on drawing was to be charged at 6% per annum .the drawing of Shreya were 3000 at the beginning of each quater while Vivek withdrawal 30,000 and on 1st April 2017. the net profit of the firm for the year before making the above adjustments was 120000. prepare profit and loss appropriation account and partners capital and current account.? 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