13 X, Y and Z were partners in a firm Their capitals on 1 4 2012 were : X - Accountancy - Accounting for Partnership Basic Concepts

Question

13 X, Y and Z were partners in a firm Their capitals on 1 4 2012
were : X Rs 2,00,000; Y Rs 2,50,000 and Z Rs 3,00,000 The
partnership deed provided for the following:

(i) They will share profits in the ratio of 2:3:3
(ii) X will be allowed a salary of Rs 12,000 per annum
(iii) Interest on capital will be allowed @12% p a
During the year X withdrew Rs 28,000; Y Rs 30,000 and Z Rs 18,000
For the year ended 31 3 2013 the firm earned a profit of Rs
5,00,000
Prepare Profit Loss Appropriation A/c and Partners Capital A/cs

Monika Sharma · Accepted Answer

Hi Aditi, the solution to your query is provided below

Profit and Loss Appropriation
Account
for the year ended March 31,
2013

Dr

Cr

Particulars
Amount
Rs
Particulars
Amount
Rs

Interest on Capital

Profit and Loss A/c
5,00,000

X
24,000

Y
30,000

Z
36,000
90,000

X’s Capital A/c
(Salary)
12,000

Profit transferred to:

X’s Capital A/c
99,500

Y’s Capital A/c
1,49,250

Z’s Capital A/c
1,49,250
3,98,000

5,00,000

Partners’ Capital
Account

Dr Cr

Particulars
X
Y
Z
Particulars
X
Y
Z

Drawings A/c
28,000
30,000
18,000
Balance b/d
2,00,000
2,50,000
3,00,000

Balance c/d
3,07,500
3,99,250
4,67,250
Interest on Capital A/c
24,000
30,000
36,000

P&L App A/c (Salary)
12,000

P&L App A/c (Profit)
99,500
1,49,250
1,49,250

3,35,500
4,29,250
4,85,250

Moreover, such type of questions are already covered in our study
material Please go through the following link

https://www meritnation
com/cbse/class12-commerce/studymaterial/accountancy/partnership-accounts/accounting-for-partnership--basic-concepts/435_2429_5864#slide2_profit-and-loss-appropriation-account

Profit and Loss Appropriation Account for the year ended March 31, 2013
Dr.				Cr.
Particulars		Amount Rs	Particulars	Amount Rs
Interest on Capital			Profit and Loss A/c	5,00,000
X	24,000
Y	30,000
Z	36,000	90,000
X’s Capital A/c (Salary)		12,000
Profit transferred to:
X’s Capital A/c	99,500
Y’s Capital A/c	1,49,250
Z’s Capital A/c	1,49,250	3,98,000
		5,00,000		5,00,000

Partners’ Capital Account
Dr. Cr.
Particulars	X	Y	Z	Particulars	X	Y	Z
Drawings A/c	28,000	30,000	18,000	Balance b/d	2,00,000	2,50,000	3,00,000
Balance c/d	3,07,500	3,99,250	4,67,250	Interest on Capital A/c	24,000	30,000	36,000
				P&L App. A/c (Salary)	12,000
				P&L App. A/c (Profit)	99,500	1,49,250	1,49,250
	3,35,500	4,29,250	4,85,250		3,35,500	4,29,250	4,85,250