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Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm?
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Anil, Sunil and Rajesh are partners in a firm, sharing profits and los...
Profit and Loss Appropriation Account for the Year Ended 31st March, 2014
 
Net Profit Before Appropriations
- ₹25,830
 
Less: Appropriations
- Salary to Sunil: ₹3,000
- Commission to Rajesh:
- Calculation of Commission:
- Net Profit - Salary
- ₹25,830 - ₹3,000 = ₹22,830
- Commission @ 5%:
- 5% of ₹22,830 = ₹1,141.50
 
Total Appropriations
- ₹3,000 (Salary) + ₹1,141.50 (Commission) = ₹4,141.50
 
Remaining Profit
- ₹25,830 - ₹4,141.50 = ₹21,688.50
 
Distribution of Remaining Profit
- Profit Sharing Ratio: 3:2:1 (Anil:Sunil:Rajesh)
- Total Parts = 3 + 2 + 1 = 6
 
Share of Profits
- Anil:
- (3/6) of ₹21,688.50 = ₹10,844.25
- Sunil:
- (2/6) of ₹21,688.50 = ₹7,228.50
- Rajesh:
- (1/6) of ₹21,688.50 = ₹3,614.25
 
Total Appropriations Including Interest
- Interest on Capital:
- Anil: ₹40,000 × 6% = ₹2,400
- Sunil: ₹30,000 × 6% = ₹1,800
- Rajesh: ₹20,000 × 6% = ₹1,200
- Total Interest on Capital:
- ₹2,400 + ₹1,800 + ₹1,200 = ₹5,400
 
Final Balances
- Total Profit Distributed = ₹4,141.50 + ₹5,400 = ₹9,541.50
- Remaining Profit = ₹21,688.50 - ₹9,541.50 = ₹12,147
This Profit and Loss Appropriation Account summarizes the allocation of profits among partners while considering their respective salaries, commissions, interest on capital, and withdrawals.
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Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm?
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Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm?.
Solutions for Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? 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 Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? defined & explained in the simplest way possible. Besides giving the explanation of Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm?, a detailed solution for Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? has been provided alongside types of Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? theory, EduRev gives you an ample number of questions to practice Anil, Sunil and Rajesh are partners in a firm, sharing profits and losses in the ratio of 3 2:1 respectively. Their capital on 1st April, 2013 were ₹40,000, ₹30,000 and ₹20,000 respectively. Interest on capital and drawings @ 6% per annum is to be credited and debited. Sunil is entitled to a salary of ₹3,000 per annum. Rajesh is entitled to a commission at the rate of 5% on net profit (after charging such commission). The firm had a profit of ₹25,830 for the year ended on 31st March, 2014 before charging salary, commission and interest. During the year Anil and Sunil each withdrew a sum of ₹8,000 while Rajesh withdrew a total of ₹4,000 in equal installments in the middle of each quarter. Prepare Profit and Loss Appropriation Account in the books of firm? tests, examples and also practice UPSC tests.
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