Question: I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try. 34 On

I need the answer as soon as possible

Please do only if u can do in 5 minutes or else let others try. 34 On 1-4-2013, Jay and Vijay entered into partnership for supplying laboratory equipments to government schools situated in remote and backward areas. They contributed capitals of 80,000 and 350,000 respectively and agreed to share the profits in the ratio of 3 : 2. The partnership deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of 37,800. Showing your calculations clearly, prepare Profit and Loss Appropriation Account' of Jay and Vijay for the year ended 31-3-2014

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

I need the answer as soon as possible Please do only if u can do in few minutes or else let others try 4. Meena purchased Simmi's business from 1st April, 2015. The Profits disclosed by Simmi's...

I need the answer as soon as possible Please do only if u can do in few minutes or else let others try. 63. A and B are partners in a firm sharing profits in the ratio of 2 : 1. On 1-4-2015 they 1...

I need the answer as soon as possible Please do only if u can do in few minutes or else let others try 67. Ahmad, Bheem and Daniel are partners in a firm. On 1st April, 2011 the balance in their...

I need the answer as soon as possible Please do only if u can do in few minutes or else let others try. 63. A and B are partners in a firm sharing profits in the ratio of 2 : 1. On 1-4-2015 they 1...

I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try. 5 A manufacturing company produces two commodities X and Y. Related data for the year 2011-12 are...

I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try 43. A, B and C are partners sharing profits in the ratio of 5: 4:3. Their Capitals on 1st April,...

I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try 37 A, B, C and D are equal partners in a firm. Their capitals on 1st April, 2015 were 350,000;...

I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try 21 Atlanta Ltd. runs a canteen for the benefit of its employees at subsidised rates through coupon...

I need the answer as soon as possible Please do only if u can do in 5 minutes or else let others try 38. A, B and C are partners in a firm. They have omitted interest on capital @ 10% p.a. for three...

I need the answer as soon as possible Please do only if u can do in few minutes or else let others try. accounts Alex, John and Sam are partners in a firm. Their capital on 1st April, 2011, stood at...

A simple random sample of size n = 300 individuals who are currently employed is asked if they work at home at least once per week. Of the 300 employed individuals surveyed, 35 responded that they...

Pear Computer Horizons Case Study Company Background Pear Computer Horizons (PCH) started out as the brain child of several engineers in the eighties, with the founding team working out of a garage...

O Brien Industries paid $ 1 2 per share to acquire 1 , 0 0 0 of its common shares, which were originally issued for $ 1 5 each. Several months later the company issued 1 , 0 0 0 common shares at a...

Target contracts to buy 1 , 0 0 0 red electric skateboards from Skate Today. Skate Today delivers 1 , 0 0 0 blue electric skateboards. Under the UCC, Target must accept the blue skateboards because...

If you are working or recently worked, how would you describe the culture of the organization? It is easy to say that supportive and people-centred cultures typically have more engaged and productive...

Access the following websites or your provincial workers compensation site and list 3 items/3 points of information that surprised you from each website: ???????? https://canadasafetycouncil.org...

Access the Province of Albertas interactive health and safety quiz at http://work.alberta.ca/ohs-quiz/index.html. Pick 2-to 3-categories and take the quiz. Identify which quiz was the most useful and...