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According to the profit and loss account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and, interest on partner's drawings is Rs. 2,000. The net profit as per profit and loss appropriation account will be

According to the profit and loss account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and, interest on partner's drawings is Rs. 2,000. The net profit as per profit and loss appropriation account will be Correct Answer Rs. 1,34,000

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A and B are partners with a profit-sharing ratio of 2 : 1 and capitals of Rs. 3,00,000 and Rs. 2,00,000, respectively. They are allowed 6% per annum interest on their cap itals and are charged 10% per annum interest on their drawings. Their drawings during the year were Rs. 60,000 for A and Rs. 40,000 for B. B's share of net profit as per profit and loss appropriation account amounted to Rs. 40,000. The net profit of the firm before any appropriation was
Which of the following are shown is profit and loss appropriation account?
1. Salary to staff
2. Salary to partners
3. Interest on capital
4. Fresh capital introduced
5. Share of profit
6. Amount of drawings
7. Interest on drawings
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2. Calculation of total capital of firm on the basis of new partner's capital.
3. Finding the surplus/deficit capital.
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Select the correct answer:
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(2) Appropriation of goods for sale is done by seller.
(3) Distinction between ascertainment of goods and appropriation of goods that former involves lithe element of common intention between buyer and seller", whereas later can be a unilateral act by buyer.
(4) Property in goods does not pass to buyer till appropriation.
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i. Balance sheet
ii. Manufacturing account
iii. Profit and loss account
iv. Trading account
v. Profit and loss appropriation account
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