P & L Appropriation A/C – Test 3

Interest on drawing appear on-

Partnership & Loss sharing must be based on-

When partners draws a fixed sum at the beginning of each month, interest on total drawing will be equal to interest of _____ at an agreed rate.

Interest on capital is –

When a partner draws a fixed sum at the middle of each month, interest on total drawings will be equal to interest of _______ at an agreed rate.

Interest on cpital is –

When a partner draws a fixed sum at the end of each month, interest on total drawings will be equal to interest of ________ at an agreed rate.

Partners drawing appears on-

Interest on partner’s loan is –

Z, a partner withdraws the following sums during the year ended 31st March 2015:
On 1st May 2014 1,000
On 1st August 2014 3,000
On 1st January 2015 2,000
On 1st March 2015 1,000
Calculate interest on his drawing @6%p.a

B & M are partners sharing profits & losses in the ratio of 3:2 having the capital of 80,000 & 50,000. They are entitled to 9% p.a interest on capital before distributing the profits. During the year firm earned 7,800 after allowing interest the capital. Profits apportioned among B and m is :-

H & S are in partnership sharing profits in a 3:2 ratio. Net profit for the year ended 31-12-2015 was 12,000. Interest on capital was allocated as 400 to H and 250 to S.S received a partnership salary of 5,000. How much was H’s share of profit?

N & Z are two partners. During the year N withdraws 37,000 on 1-5-2012 & Z withdraws 45,000 on 15-8-2012. Accounts are closed on 31-12-2012.Rate of interest on drawing is 10% p.a Interest on drawing for two partner respectively will be –

R & S partners with the capital of 25,000 and 15000 respectively. Interest payable on capital is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is 2400.

H & B are in a partnership. There net profit for the year was 45,000. Interest on capital was 250 for H & 375 for B. H was also entitled to a salary of 5,000 p.a. If B is entitled to 2/5 of any residual profits, then his share of the profits for the year would be:-

X & Y are two partners with a capital of 60,000 & 40,000 respectively. They are allowed interest @10% p.a on capital.Find the interest allowed to X and Y.

A has 30,000 capital in the beginning of the year and introduce 10,000 during the year. If rate of interest on capital is 20% p.a interest on A’s capital is –

R & S are partners with the capital of 37,500 and 22,500 respectively. Interest payable on capital is 10% p.a Find the interest on capital for both the partners when the profit earned by the firm is 3,600.

X,Y&Z are partners.X withdraws fixed some at the beginning of each month. Rate of interest on drawing is 10%p.a Interest on drawing credited to Profit & Loss Appropriation A/c is 650. Calculate the monthly drawing of partner X.

X,Y&Z are partners in a firm. Profits before interest on partners Capital was 12,000. Y demanded interest 15% p.a on his loan of 1,60,000. Partnership deed is silent on this point.Calculate the amount of interest payable to Y on his loan.

R&S are partners with the capital of 2,40,000 & 1,20,000.Interest payable on capital is 10% p.a Profits before interest on partner’s capital was 12,000. Calculated the interest on capital for both the partner.

X

Partners drawing appears on-

What balance does a Partner’s Current Account has?

Is rent paid to partner is appropriation of profits?