Preparation of profit & loss appropriation account
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- Anil, Rahim, and Vishal set up a partnership on January 1, 2010, contributing capital of Rs. 50,000, Rs. 40,000, and Rs. 30,000 respectively and agreeing to share profits in a 3:2:1 ratio. - The partnership deed provides that Anil receives a salary of Rs. 1,000/month and Rahim receives a commission of Rs. 5,000. Interest on capital is allowed at 6% annually. - The net profit for 2010 as per the profit and loss account was Rs. 35,660. Journal entries must be made to record appropriation of profit and prepare the profit and loss appropriation account and partners'
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- The instructions specify the exam duration is 3 hours, and students should attempt all parts of each question together and ensure neatness. Calculations and journal entries are required for several
Cbse class 12 accountancy sample paper 01 (for 2013)
This document contains a model paper for Accountancy with 16 multiple choice questions and short answer/numerical problems. Some key details:
- Question 8 asks to prepare a profit and loss appropriation account for a partnership with given capital amounts, profit sharing ratios, and other terms.
- Question 9 asks to record journal entries for redemption of debentures into equity shares.
- Question 10 asks to record entries for payment of interest on debentures along with tax deducted at source.
- The document tests various accounting concepts relating to partnerships, companies, financial statements, and cash flow statements. Numerical problems cover areas like admission/retirement of partners, issue/redemption of shares and debent
Fundamentals of partnership accounting
The document discusses partnership accounting fundamentals and provides definitions and concepts related to partnership firms. Some key points include:
- A partnership is a business relationship between two or more persons who agree to share the profits or losses of the business.
- Partnership deeds are not compulsory but desirable as they outline the terms of agreement between partners regarding capital contributions, profit/loss sharing ratios, partner drawings and loans, etc.
- Capital accounts of partners can be maintained using either the fixed capital method or fluctuating capital method. Interest on capital may be allowed if specified in the partnership deed.
- In the absence of a partnership deed, the provisions of the Indian Partnership Act 1932 will apply regarding issues like
Profit & loss Appropriation Account
In this Presentation, you will find the concept of Profit and Loss Appropriation Account along with practical questions.
A C C O U N T I N G F O R A P A R T N E R S H I P F I R M
The document discusses accounting concepts related to partnerships. It defines what a partnership is and different types of partnerships. It covers capital accounts, rules of partnerships regarding profits/losses, interest on capital/drawings, and how to calculate sacrificing and gaining ratios when partners join or leave. Examples are provided to illustrate how to account for partnership transactions and allocate profits/losses according to profit sharing ratios.
Accounting For A Partnership Firm
The document discusses accounting concepts related to partnerships. It defines what a partnership is and different types of partnerships. It covers capital accounts, rules of partnerships regarding profits/losses, interest on capital/drawings, and how to calculate sacrificing and gaining ratios when partners join or leave. Examples are provided to illustrate how to account for partnership transactions.
A C C O U N T I N G A D J U S T M E N T S F O R F I N A N C I A L A N A L...
The document discusses accounting concepts related to partnerships. It defines what a partnership is and different types of partnerships. It covers capital accounts, rules of partnerships regarding profits/losses, interest on capital/drawings, and how to calculate sacrificing and gaining ratios when partners join or leave. Examples are provided to illustrate how to account for partnership transactions and adjust accounts when profit ratios change.
Preparation of capital accounts
- Sajeev and Rajeev are partners with initial capital contributions of Rs. 150,000 and Rs. 125,000 respectively.
- Their partnership agreement specifies partner salaries, commissions, interest on capital and profit/loss sharing ratios.
- The document provides details of partner transactions for the year ending December 31, 2011 and asks to prepare capital accounts under fixed and fluctuating capital methods.
- Capital accounts are prepared crediting/debiting partner accounts for initial capital, transactions throughout the year, and closing balances on December 31, 2011.
12th accountancy paper by kishor sir 9898343373
This document contains instructions and questions for an accountancy exam. It has 3 sections - Section A contains 7 short answer questions, Section B contains 4 multi-part questions, and Section C contains 2 long answer questions involving preparation of accounts. The general instructions specify the time given, that all questions are compulsory, and parts of questions should be together.
Worksheet no. 9
This document contains 5 problems related to changes in profit sharing ratios for partnerships. The problems involve calculating partner gains or sacrifices when ratios change, valuing goodwill of a firm based on super profits, making journal entries for adjustments to partner capital accounts and asset values when ratios change, and preparing revaluation accounts and a balance sheet after ratios change.
Similar to Preparation of profit & loss appropriation account (20)
Cbse class 12 accountancy sample paper 01 (for 2013)
Cbse class 12 accountancy sample paper 01 (for 2013)
A C C O U N T I N G F O R A P A R T N E R S H I P F I R M
A C C O U N T I N G F O R A P A R T N E R S H I P F I R M
A C C O U N T I N G A D J U S T M E N T S F O R F I N A N C I A L A N A L...
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- 2. Illustration -1 Anil , Rahim and Vishal set up a partnership firm on January 1, 2010. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Anil is to be paid a salary of Rs. 1,000 p.m. and Rahim a commission of Rs. 5,000. It also provided that interest on capital be allowed @ 6% p.a. The drawings for the year were: Anil Rs. 6,000, Rahim Rs. 4,000 and Vishal Rs. 2,000. Interest on drawings Rs. 270 on Anil’s drawings, Rs. 180 on Rahim's drawings and Rs. 90 on Vishal's drawings. The net amount of profit as per the profit and loss account for the year ended 2010 was Rs. 35,660. You are required to record the necessary journal entries relating to appropriation of profit and prepare the profit and loss appropriation account and the partners' capital accounts (Fixed).
- 3. Journal Entry in the Books of Anil , Rahim and Vishal
- 4. Journal Entry in the Books of Anil , Rahim and Vishal
- 5. Particulars Amount Particulars Amount To Anil's Salary To Rahim’s Commission To Interest on capital Anil's Capital 3,000 Rahim's Capital 2,400 Vishal's Capital 1,800 To Profit transferred to Capital accounts Anil 6,000 Rahim 4,000 Vishal 2,000 12000 5000 7200 12000 By Net profit as per Profit and loss a/c By interest on drawings Anil's Capital 270 Rahim's capital 180 Vishal’s Capital 90 35,660 540 36,200 36,200 Profit and Loss Appropriation Account Dr for the year ended December 31,2010 Cr
- 6. Dat e Particulars Anil Rahim Vishal Date Particulars Anil Rahim Vishal To Drawings To Interest on Drawings To Balance c/d 6000 270 64730 4000 180 47220 2000 90 31710 By Balance b/d By Interest on capital By Salary By Commission ByP&L Appropriation a/c (Profit) 50000 3000 12000 ------ 6000 40000 2400 ------ 5000 4000 30000 1800 ------- ------- 2000 71000 51400 33800 71000 51400 33800 Partner’s Capital Account Dr Cr
- 7. Reghu and Ramu are partners in a firm sharing profits in the ratio of 3:2. The balance in their capital and current accounts as on January1, 2000 were as under. The partnership deed provided that Reghu is to be paid salary @ Rs. 500 p.m. whereas Ramu is to get commission of Rs. 4,000 for the year. Interest on capital is to be allowed @ 6% p.a. The drawings of Reghu and Ramu for the year were Rs. 3,000 and Rs. 1,000, respectively. Interest on drawings for Reghu and Ramu works out at Rs. 75 and Rs. 25, respectively. The net profit of the firm before making these adjustments was Rs. 24,900.Prepare the Profit and Loss Appropriation Account and the partners' capital accounts under fixced and fluctuating method. Items Reghu (Rs.) Ramu (Rs.) Capital Account 30000 20000 Current Account (Credit) 10000 8000
- 8. Profit and Loss Appropriation Account for the year ended Dec. 31,2000 Dr. Cr. Particulars Amount Particulars Amount To Reghu's Salary To Ramu’s Commission To Interest on capital Reghu's Capital 1800 Ramu's Capital 1200 To Profit transferred to Capital accounts Reghu 7200 Ramu 4,800 6000 4000 3000 12000 By Net profit as per Profit and loss a/c By interest on drawings Reghu's Capital 75 Ramu's capital 25 24900 100 25000 25000
- 9. Partner’s Capital Account Dr Cr Date Particulars Reghu Ramu Date Particulars Reghu Ramu To Balance c/d 30000 20000 By Balance b/d 30000 20000 30000 20000 30000 20000
- 10. Partner’s Current Account Dr Cr Dat e Particulars Reghu Ramu Dat e Particulars Reghu Ramu To Drawings To Interest on Drawings To Balance c/d 3000 75 21925 1000 25 16975 By balance b/d By Interest on capital By Salary By commission By P&L Appropriation a/c (Profit) 10000 1800 6000 7200 8000 1200 4000 4800 25000 18000 25000 18000
- 11. Partner’s Capital Account Dr Cr Date Particulars Reghu Ramu Date Particulars Reghu Ramu To Drawings To Interest on Drawings To Balance c/d 3000 75 41925 1000 25 28975 By balance b/d By Interest on capital By Salary By commission By P&L Appropriation a/c (Profit) 30000 1800 6000 7200 20000 1200 4000 4800 45000 30000 45000 30000