A and B are in Partnership having Profit sharing ratio 2:1. The following information is available...

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A and B are in Partnership having Profit sharing ratio 2:1. The following information is available about their assets and liabilities: Furniture Advances Creditors Debtors Inventory Loan Cash at Bank 31-3-20X1 April 30 May 31 June 30 Sept. 30 Dec. 31 Feb. 28 1,20,000 70,000 32,000 40,000 60,000 80,000 50,000 31-3-20X2 1,40,000 The partners are entitled to salary @ 2,000 p.m. They contributed proportionate capital. Interest is paid @ 6% on capital and charged @ 10% on drawings. Drawings of A and B A 2,000 4,000 ? 2,000 50,000 30,000 45,000 74,750 B 2000 6,000 8,000 On 30th June, they took C as 1/3rd partner who contributed 75,000. C is entitled to share of 9 months' profit. The new profit ratio becomes 1:1:1. A withdrew his proportionate share. Depreciate furniture @ 10% p.a., new purchases 10,000 may be depreciated for 1/4th of a year. Current account as on 31-3-20X1: A 5,000 (Cr.), B 2,000 (Dr.) Prepare Statement of Profit, Current Accounts of partners and Statement of Affairs as on 31-3-20X2. A and B are in Partnership having Profit sharing ratio 2:1. The following information is available about their assets and liabilities: Furniture Advances Creditors Debtors Inventory Loan Cash at Bank 31-3-20X1 April 30 May 31 June 30 Sept. 30 Dec. 31 Feb. 28 1,20,000 70,000 32,000 40,000 60,000 80,000 50,000 31-3-20X2 1,40,000 The partners are entitled to salary @ 2,000 p.m. They contributed proportionate capital. Interest is paid @ 6% on capital and charged @ 10% on drawings. Drawings of A and B A 2,000 4,000 ? 2,000 50,000 30,000 45,000 74,750 B 2000 6,000 8,000 On 30th June, they took C as 1/3rd partner who contributed 75,000. C is entitled to share of 9 months' profit. The new profit ratio becomes 1:1:1. A withdrew his proportionate share. Depreciate furniture @ 10% p.a., new purchases 10,000 may be depreciated for 1/4th of a year. Current account as on 31-3-20X1: A 5,000 (Cr.), B 2,000 (Dr.) Prepare Statement of Profit, Current Accounts of partners and Statement of Affairs as on 31-3-20X2.

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