User Account

All Pages

Prepare profit and loss appropriation account

Assignment Help Accounting Basics
Reference no: EM132930153

Question - Soniya, Charu and Smita started a partnership firm on April 1, 2006. They contributed Rs, 5,00,000, Rs. 4,00,000 and Rs. 3,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3:2:1.The partnership provides that Soniya is to be paid a salary of Rs. 10,000 per month and Charu a commission of Rs. 50,000. It also provides that interest on capital be allowed @6% p.a. The drawings for the year were Soniya Rs. 60,000, Charu Rs. 40,000 and Smita Rs. 20,000. Interest on drawings was charged as Rs. 2,700 on Soniyas drawings, Rs. 1,800 on Charus drawings and Rs. 900 on Smitas drawings. The net amount of profit as per Profit and Loss Account for the year 2006-07 was Rs. 3,56,600. (i) Record necessary journal entries. (ii) Prepare profit and loss appropriation account (iii) Show capital accounts of the partners.

Reference no: EM132930153

Questions Cloud

What is the most you are willing to pay for this security : You are offered a security that will pay you $2,500 at the end of the year forever. If your discount rate is 8%, what is the most you are willing to pay
What is the operating cycle for carla vista : The firm typically has a collection period of 33 days and days' sales in inventory of 28 days. What is the operating cycle for Carla Vista?
Is the information contained in the reports complete : Select a company as specified by your instructor and access its online financial reports. Is the information contained in the reports complete
Work environment and performance of the groups : How does this potentially affect the work environment and performance of the groups?
Prepare profit and loss appropriation account : The net amount of profit as per Profit and Loss Account for the year 2006-07 was Rs. 3,56,600. Prepare profit and loss appropriation account
National quality strategy : What does the CMS quality initiative include? Describe the initiative and its relationship to the National Quality Strategy.
Cultivate a meaningful and professional relationship : How can you secure and cultivate a meaningful and professional relationship with a mentor?
Classify key strengths and weaknesses in system : The long-term care system is in a rapid period of change, with the need for long-term care services growing as more and more baby boomers enter retirement.
Business level strategy : What generic strategy are they pursuing, and what leads you to that conclusion? Are they successfully achieving their intended strategy,

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