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Appropriation of Profits

Akbar and Bir...

Question

Akbar and Birbal are partners in a firm sharing profits and losses in the ratio of 2 : 3. The following was the balance sheet of the firm as on 31st March, 2021.

Additional information:
The profit of ₹30,000 for the year ended 31st March, 2021 was divided between the partners without allowing interest on capital at 10% p.a. and salary to Akbar at ₹3,000 per quarter. During the year Akabr withdrew ₹10,000 and Birbal ₹20,000.

Calculate the capital at the beginning of the year:

[2 marks]

A

Akbar - ₹60,000; Birbal - ₹20,000

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B

Akbar - ₹58,000; Birbal - ₹22,000

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C

Akbar - ₹48,000; Birbal - ₹2,000

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D

Akbar - ₹70,000; Birbal - ₹40,000

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Solution

The correct option is B Akbar - ₹58,000; Birbal - ₹22,000

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Q. Akbar and Birbal are partners in a firm sharing profits and losses in the ratio of 2 : 3. The following was the balance sheet of the firm as on 31st March, 2021.

Additional information:
The profit of ₹30,000 for the year ended 31st March, 2021 was divided between the partners without allowing interest on capital at 10% p.a. and salary to Akbar at ₹3,000 per quarter. During the year Akabr withdrew ₹10,000 and Birbal ₹20,000.

Calculate interest on capital for Akbar and Birbal:

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Additional information:
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Additional infornation:
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Additional infornation:
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