CBSE 2023 · Region 3 · Set 2 · Q18

Raman, Manan and Naman were partners sharing profit in the ratio of $\displaystyle 2$ : $\displaystyle 1$ : 1. Raman withdrew ₹ $\displaystyle 3,000$ every month and Manan withdrew ₹ $\displaystyle 4,000$ every month. Interest on drawings @ $\displaystyle 6$% p.a. was charged whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.

OR

Arun and Barun were partners sharing profits in the ratio of $\displaystyle 3$ : 2. Their capitals were ₹ $\displaystyle 50,000$ and ₹ $\displaystyle 30,000$ respectively. Partnership deed provided for interest on capital @ $\displaystyle 6$% p.a. to Arun and Barun and quarterly salary of ₹ $\displaystyle 1,000$ to Barun. Arun had given a loan of ₹ $\displaystyle 1,00,000$ on 1st October, $\displaystyle 2021$ to the firm without any agreement about interest. For the year $\displaystyle 2021$ $\displaystyle 22$, the profits earned were ₹ $\displaystyle 26$,800. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.