1
Question
Amar, Bhanu, and Charu are partners in a firm. Amar and Bhanu are to get annual salary of ₹ 1,20,000 p.a. each as they are fully involved in the business. Net profit for the year is ₹ 4,80,000. Determine the share of profit to be credited to each partner.
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Solution
Profit and Loss Appropriation Account
for the year ended …
Dr.
Cr.
Particulars
Amount
(₹)
Particulars
Amount
(₹)
Salary:
Profit and Loss A/c
4,80,000
Amar
1,20,000
Bhanu
1,20,000
2,40,000
Profit transferred to:
Amar’s Capital A/c
80,000
Bhanu’s Capital A/c
80,000
Charu’s Capital A/c
80,000
2,40,000
4,80,000
4,80,000
|
Profit and Loss Appropriation Account for the year ended … |
|||||
|
Dr. |
|
|
Cr. |
||
|
Particulars |
Amount (₹) |
Particulars |
Amount (₹) |
||
|
Salary: |
|
Profit and Loss A/c |
4,80,000 |
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|
Amar |
1,20,000 |
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|
|
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Bhanu |
1,20,000 |
2,40,000 |
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Profit transferred to: |
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|
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Amar’s Capital A/c |
80,000 |
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Bhanu’s Capital A/c |
80,000 |
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Charu’s Capital A/c |
80,000 |
2,40,000 |
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|
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4,80,000 |
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4,80,000 |
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