Name any two items which are shown on the credit of Profit and Loss Appropriation Account. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Profit for the year. (ii) Interest on Drawings. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostName any two items which are shown on the debit of Profit and Loss Appropriation Account. Next PostWhy salary and commission paid to partners are recorded in Profit & Loss Appropriation Account instead of Profit & Loss Account? You Might Also Like X, Y and Z were partners in a firm sharing profits in the ratio of 4: 3: 1. The firm closes its books on 31st March every year. On 1st February, 2020, Y died and it was decided that the new profit-sharing ratio between X and Z will be equal. Partnership Deed provided for the following on the death of a partner: (a) His share of goodwill be calculated on the basis of half of the profits credited to his account during the previous four completed years. The firm’s profits for the last four years were: August 5, 2022 A and B are in partnership sharing profits and losses in die ratio of 3: 2. They admit C into partnership with l / 5th share which he acquires equally from A and B. Accountant has calculated new profit-sharing ratio as 5: 3: 2. Is accountant correct? (C.B.SE Sample Paper 2020) September 27, 2022 X and Y are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 8,00,000 and Rs. 6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of Rs. 60,000 which has not been withdrawn. Profit for the year ended 31st March, 2019 before interest on capital but after charging Y’s salary amounted to Rs. 2,40,000. A provision of 5% of the profit is to be made in respect commission to the manager. Prepare an account showing the allocation profits. July 20, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X, Y and Z were partners in a firm sharing profits in the ratio of 4: 3: 1. The firm closes its books on 31st March every year. On 1st February, 2020, Y died and it was decided that the new profit-sharing ratio between X and Z will be equal. Partnership Deed provided for the following on the death of a partner: (a) His share of goodwill be calculated on the basis of half of the profits credited to his account during the previous four completed years. The firm’s profits for the last four years were: August 5, 2022
A and B are in partnership sharing profits and losses in die ratio of 3: 2. They admit C into partnership with l / 5th share which he acquires equally from A and B. Accountant has calculated new profit-sharing ratio as 5: 3: 2. Is accountant correct? (C.B.SE Sample Paper 2020) September 27, 2022
X and Y are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 8,00,000 and Rs. 6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of Rs. 60,000 which has not been withdrawn. Profit for the year ended 31st March, 2019 before interest on capital but after charging Y’s salary amounted to Rs. 2,40,000. A provision of 5% of the profit is to be made in respect commission to the manager. Prepare an account showing the allocation profits. July 20, 2022