User Account

All Pages

Prepare profit and loss appropriation account

Assignment Help Accounting Basics
Reference no: EM132616295

Question - X y z are partner in a firm. The balance their capital amount as on 1-4-2014 were rs. 200000 rs. 100000 and 60000 respectively. They share profit equally. Interest on capital is allowed at 12 % p.a. On 1-10-2011 the partner decided their capital should be rs. 100000 each. The necessary adjustments in the capital are to be made by introducing or withdrawing cash. X was also entitled to salary of rs.5000 per annum. Profit for the year ended on 31-3-2012 before charging interest on capital amount to rs. 100000. You are required to prepare profit and loss appropriation account and showing the distribution of profit among the partner.

Reference no: EM132616295

Questions Cloud

Discuss the nature of tort law : Discuss the nature of tort law, Explain the various interests protected by tort law.
Which items will be regarded as a monetary item : Definition provided in AASB 121/ IAS 21 The Effects of Changes in Foreign Exchange Rates, which of the items will be regarded as a monetary item?
Briefly describe the opening cycle of merchandising company : Briefly describe the opening cycle of a merchandising company. Identify the assets and liabilities directly affected by this cycle
Find what is the forecasted inventory : Find What is the forecasted inventory in 2019 based on the information? Assuming the company will have the same inventory days in 2018 and 2019.
Prepare profit and loss appropriation account : You are required to prepare profit and loss appropriation account and showing the distribution of profit among the partner
Find what the value as of today of three payments : Whats the value as of today of three payments of $5000,$8000 and $9500 to be made by the end of the next 2 years,5 years and 8 years respectively.
Calculate a company e-commerce market share : Calculate a company's e-Commerce market share in their country based on the hypothetic information. Third party selling commission 5 million
Compute the cost of goods sold for the two weeks : Compute the cost of goods sold for the two weeks of January assuming use of the periodic systems. (Use your answer to part d as the ending inventory.)
What types of opinions can be expressed by the auditor : What types of opinions can be expressed by the auditor? The auditor noticed that inventory of Beta Company faces a write-down due to obsolescence.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd