Simmi and Sonu are partners in a firm, sharing profits and losses in t

1.	Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31,2006 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information (i) Partners capital on April 1, 2005; Simmi, Rs 30,000; Sonu, Rs 60,000; (ii) Current accounts balances on April 1, 2005; Simmi, Rs 30,000 (Cr); Sonu, Rs 15,000 (Cr); (iii) Partners drawings during the year amounted to Simmi, Rs 20,000; Sonu, Rs 15,000; (iv) Interest on capital was allowed at 5% pa. (v) Interest on drawing was to be charged at 6% pa at an average of six months; (vi) Partners' Salaries; Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners' current accounts.
Answer» Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31,2006 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information (i) Partners capital on April 1, 2005; Simmi, Rs 30,000; Sonu, Rs 60,000; (ii) Current accounts balances on April 1, 2005; Simmi, Rs 30,000 (Cr); Sonu, Rs 15,000 (Cr); (iii) Partners drawings during the year amounted to Simmi, Rs 20,000; Sonu, Rs 15,000; (iv) Interest on capital was allowed at 5% pa. (v) Interest on drawing was to be charged at 6% pa at an average of six months; (vi) Partners' Salaries; Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners' current accounts.

Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31,2006 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information (i) Partners capital on April 1, 2005; Simmi, Rs 30,000; Sonu, Rs 60,000; (ii) Current accounts balances on April 1, 2005; Simmi, Rs 30,000 (Cr); Sonu, Rs 15,000 (Cr); (iii) Partners drawings during the year amounted to Simmi, Rs 20,000; Sonu, Rs 15,000; (iv) Interest on capital was allowed at 5% pa. (v) Interest on drawing was to be charged at 6% pa at an average of six months; (vi) Partners' Salaries; Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners' current accounts.

Answer»

Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31,2006 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information

(i) Partners capital on April 1, 2005; Simmi, Rs 30,000; Sonu, Rs 60,000;

(ii) Current accounts balances on April 1, 2005; Simmi, Rs 30,000 (Cr); Sonu, Rs 15,000 (Cr);

(iii) Partners drawings during the year amounted to Simmi, Rs 20,000; Sonu, Rs 15,000;

(iv) Interest on capital was allowed at 5% pa.

(v) Interest on drawing was to be charged at 6% pa at an average of six months;

(vi) Partners' Salaries; Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners' current accounts.

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