Profit And Loss Appropriation Account

According to Profit and Loss Account, the net profit for the year is Rs.4,20,000. Salary of a partner is Rs.5,000 per month and the commission of another partner is Rs.10,000. The interest on drawings of partners is Rs.4,000. The net profit as per Profit and Loss Appropriation Account will be :

According to Profit and Loss Account, the net profit for the year is Rs.1,40,000. The total interest on partner's capital is Rs.8,000 and a partner is to be allowed commission of Rs.5,000. The total interes on partner's drawings is Rs.1,200. The net profit as per Profit and Loss Appropriation Account will be :

According to Profit and Loss Account, the net profit for the year is Rs.1,50,000. The total interest on partner's capital is Rs.18,000 and interest on partner's drawings is Rs.2,000. The net profit as per Profit and Loss Appropriation Account will be :

A and B are partners. According to Profit and Loss Account, the net profit for the year is Rs.2,00,000. The total interest on partner's drawings is Rs.1,000. A's salary is Rs.40,000 per year and B's salary is Rs.3,000 per month. The net profit as per Profit nad Loss Appropriation Account will be :

Amann, Babita and Suresh are partners in a firm. Their profit sharing ratio is 2:2:1. Suresh is guaranteed a minimum amount of Rs. 10,000 as share of profit, every year. Any deficiency on that account shall be met by Babita. The profits for two years ending March 31, 2016 and March 31, 2017 were Rs. 40,000 and Rs. 60,000, respectively. Prepare the Profit and Loss Appropriation Account for the two years.

Sukesh and Vanita were partners in a firm. Their partnership agreement provides that: (i) Profits would be shared by Sukesh and Vanita in the ratio of 3:2, (ii) 5% interest is to be allowed on capital, (iii) Vanita should be paid a monthly salary of Rs. 600. The following balances are extracted from the books of the firm, on March 31, 2017. {:(,"Sukesh","Vanita"),(,(Rs.),(Rs.)),("Capital Accounts",40_(,)000,40_(,)000),("Current Accounts",(Cr.)7_(,)200,(Cr.)2_(,)800),("Drawings",10_(,)850,8_(,)150):} Net profit for the year, before charging interest on capital and after charging partner’s salary was Rs. 9,500. Prepare the Profit and Loss Appropriation Account and the Partner’s Current Accounts.