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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Capital withdrawn on 1st October 2022 40,000 30,000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 1, 2024
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