File Name: profit and loss appropriation account solved problems .zip
The purpose of this article is to assist candidates to develop their understanding of the topic of accounting for partnerships.
In a partnership firm, the act of distributing profits among the partners is identified as Appropriation of profits. In case of a sole proprietary concern, there is only a single person who contributes the capital of the organisation the sole proprietor and as such all the organisation's returns belong to the owner.
B is to be allowed an annual salary of Rs. During , the profits of the year prior to calculation of interest on capital but after charging B's salary amounted to Rs. Prepare an account showing the allocation of profits and partners' capital accounts. Amount Particulars Rs. By Profit after B's Salary but before other adjustments. X is entitled to a salary of Rs.
Question 1. Question 2. Question 3. Find odd one and state the reason a Interest on capital b Interest on drawings c Salary d Commission Answer: b Interest on drawings. Question 5. Find the odd one and state reason.
It is an extension of profit and loss account and shows appropriation or distribution of profits. After the profit and loss account has been prepared, the profit for the year is transferred to the profit and loss appropriation account. This account will show how the net profit or net loss of the firm is being appropriated among the partners. It is a nominal account in nature. The firm XYZ earned a profit of Rs.
Org to score more marks in CBSE board examination. Capital contributed by them is Rs. Radha was given salary of Rs.
Question 1. In the absence of Partnership Deed, what are the rules relation to a Salaries of partners, b Interest on partners capitals c Interest on partners loan d Division of profit, and e Interest on partners drawings Solution:. Question 2.
Next Lesson: Depreciation Problems and Solutions. Haris and Usama started business in partnership on 1 st January, without any agreement. Haris introduced capital Rs. Usama Rs. On March 1 st , Mr. Usama advanced Rs.
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