Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
2019 |
|
|
|
|
|
March 31 |
Profit & Loss Appropriation A/c |
Dr. |
|
1,35,000 |
|
|
To Ashish’s Capital A/c |
|
|
|
65,000 |
|
To Aakash’s Capital A/c |
|
|
|
70,000 |
|
(Interest on capital transferred to Profit & Loss Appropriation A/c) |
|
|
|
|
|
|
|
|
3,65,000 |
|
|
Profit & Loss Appropriation A/c |
|
|
|
2,19,000 |
|
To Ashish’s Capital A/c |
|
|
|
1,46,000 |
|
To Akash’s Capital A/c |
|
|
|
|
|
(Profit transferred to Partners’ Capital A/c) |
|
|
|
|
|
|
|
|
|
|
Profit and Loss Appropriation Account for the year ended 31 March 2019 |
|||||
Dr. |
|
|
Cr. |
||
Particulars |
Amount (₹) |
Particulars |
Amount (₹) |
||
Interest on Capital A/c: |
|
Profit and Loss A/c |
5,00,000 |
||
Ashish |
65,000 |
|
|
|
|
Aakash |
70,000 |
1,35,000 |
|
|
|
Profit transferred to: |
|
|
|
||
Ashish’s Capital A/c |
2,19,000 |
|
|
|
|
Aakash’s Capital A/c |
1,46,000 |
3,65,000 |
|
|
|
|
5,00,000 |
|
5,00,000 |
||
|
|
|
|
Working Notes:
WN1: Calculation of Opening Capital:
Particulars |
Ashish |
Aakash |
Capital at the end |
5,00,000 |
6,00,000 |
Add: Drawings made |
1,50,000 |
1,00,000 |
Capital at the beginning |
6,50,000 |
7,00,000 |
WN2: Calculation of Interest on Capital