Sudha, Shakti, and Savita are partners sharing profits and losses in the proportion of 2/5 : 1/5. Sudha draws ₹ 12,000 every month
Sudha, Shakti, and Savita are partners sharing profits and losses in the proportion of 2/5 : 1/5. Sudha draws ₹ 12,000 every month and Shakti and Savita ₹ 8,000 each every month. The drawings being made on the last day of each month. Before charging interest on Shakti’s loan, interest on drawings and capital @ 10% p.a., and salary of ₹ 40,000 to Shakti and ₹ 60,000 to Savita, Profit for the year ended 31st March 2023 was ₹ 6,00,000. Given the following additional information, prepare the partner’s capital accounts, current accounts, and Profit and Loss Appropriation Account:
| Sudha (₹) | Shakti (₹) | Savita (₹) | |
| Additional Capital brought on 1st October 2022 | 2,00,000 | 1,60,000 | 1,00,000 |
| Capital withdrawn on 1st October 2022 | 40,000 | 30,000 | – |
| Current Account on 1st April 2022 | – | – | 20,000 |
| Loan Account on 1st April 2022 | 20,000 (Cr.) | 8,000 (Dr.) | 10,000 (Cr.) |
| Loan Account on 1st April, 2022 | – | 40,000 | Capital Account on 1st April 2022 |
Anurag Pathak Changed status to publish April 20, 2024
