Sita and Gita are partners in a firm whose capital on 1st April, 2017 was * 60,000 and 50,000 respectively. They are allowed interest on capital@71% per annum. Sita gave 16,000 to the firm as loan on 1st Oct., 2017. Gitais entitled to get an annual salary of 8,000. The profit for the year ended 31stMarch, 2018 before making the above adjustments were 18,000. Prepare Profit& Loss Appropriation Account.

Sita and Gita are partners in a firm whose capital on 1st April, 2017

1.	Sita and Gita are partners in a firm whose capital on 1st April, 2017 was * 60,000 and 50,000 respectively. They are allowed interest on capital@71% per annum. Sita gave 16,000 to the firm as loan on 1st Oct., 2017. Gitais entitled to get an annual salary of 8,000. The profit for the year ended 31stMarch, 2018 before making the above adjustments were 18,000. Prepare Profit& Loss Appropriation Account.
Answer» Total 1,11,780 EXPLANATION: Notes : Net profit = profit-rent-interest on LOAN = 1,35,000-24,000-300 = 1,10,700 PROFIT AND LOSS APPROPRIATION ACCOUNT Particulars Amount Particulars Amount To Interest on capitalPrecious-60,0006%=3600Noble-50,0006%=3000Perfect-30,0006%=1800 8400 By net profit(notes) 1,10,700 To partners salaryPrecious-20012=2400Noble -30012=3600 6000 By interest on drawings400046%4.5/12=360*3 1080 To profit shareFirst 70,000(4:2:1)Precious-40,000Noble- 20,000Perfect-10,000Balance equally i.e (1,11,780-8400-6000-70,000) =27,380Precious-9127Noble-9127Perfect-9127

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