CBSE 2024 · Region 3 · Set 2 · Q19

Misha and Prisha were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : 2. On 1st April, $\displaystyle 2022$, their capital accounts showed balances of ₹ $\displaystyle 50,000$ and ₹ $\displaystyle 30,000$ respectively. During the year, Misha withdrew ₹ $\displaystyle 12,900$ while Prisha withdrew ₹ $\displaystyle 9$,600. They were allowed interest on capital @ $\displaystyle 10$% p.a. Interest on drawings of ₹ $\displaystyle 660$ was charged on Misha's drawings and ₹ $\displaystyle 540$ on Prisha's drawings. Prisha had advanced a loan of ₹ $\displaystyle 20,000$ to the firm on 1st August, 2022. The net profit for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 22$,600. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023.

OR

On 31st March, $\displaystyle 2023$, the capitals of Raghav and Diya stood at ₹ $\displaystyle 4,00,000$ and ₹ $\displaystyle 3,00,000$ respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ $\displaystyle 10$% p.a had been omitted. The Net Profit for the year ended 31st March, $\displaystyle 2023$ amounted to ₹ $\displaystyle 1,00$,000. During the year ended 31st March, $\displaystyle 2023$, Raghav's drawings were ₹ $\displaystyle 2,000$ drawn at the be ifni of each month while Di a's drawings were ₹ $\displaystyle 3,000$ drawn at the beginning of each quarter. Pass the necessary adjustment entry.