Akhil, Nitin and Suraj are partners in a firm. Their terms of agreement are as follows:
On 1st April, 2022, their capitals were:
Akhil ₹ 15,000 Nitin ₹ 20,000 Suraj ₹ 6,000 (Dr) On 1st December, 2022, Akhil introduced further capital of ₹ 4,000.
The drawings of the partners were:
• Suraj withdrew ₹ 300 on 1st August, 2022 ₹ 600 on 1st December, 2022 • Nitin withdrew only his salary
Akhil withdrew a certain fixed amount at the beginning of every month on which he was charged an interest of ₹ 52 at the end of the year, at the rate mentioned in the deed.
The profits of the firm for the financial year 2022-23, before any of the above adjustments, were ₹ 27,500.
You are required to:
(i) Calculate the drawings made by Akhil every month. (ii) Pass the journal entry for capital introduced by Akhil. (iii) Prepare the Profit and Loss Appropriation Account of the firm for the year 2022-23.
OR
Krish and Shail entered into a partnership on 1st October, 2022, with capital contributions of ₹ 48,000 and ₹ 36,000 respectively.
On 1st January, 2023, Shail advanced a loan of ₹ 12,000 to the firm. The terms of the partnership agreement are as follows:
(a) Interest on Capital to be allowed at 12% per annum. (b) Interest on Drawings to be charged @ 10% per annum. (c) Krish to be entitled to a commission of 2% on the turnover. (d) Each partner to get a salary of ₹ 1,200 per month. (v) Profits and losses to be shared in the ratio of 4:3. The turnover for the period under consideration was ₹ 2,00,000. The drawings of the partners were: Krish ₹ 4,000; Shail ₹ 2,000. The profit of the firm for the year ended 31st March, 2023, before providing for any interest was ₹ 1,10,000. You are required to prepare for the year 2022-23:
(i) Profit and Loss Appropriation Account. (ii) Shail’s Loan Account.
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