Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :share of profit transferred to Capital A/c's - Accountancy MCQ CUET Accountancy 2022 23 Aug Shift 2 PYQs 2026 | ExamTest.live

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Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :share of profit transferred to Capital A/c's of partners :Ram Rs. 7, 000 Shyam Rs. 3, 500 Interest on capital :Ram Rs. 1, 500 Shyam Rs. 500 Interest on Drawings :Ram Rs. 300 Shyam Rs. 200 Ram's salary Rs. 1, 000

Solution & Step-by-step Explanation

Divisible Profit (Share transferred) = 7, 000 + 3, 500 = Rs. 10, 500 .To find the Net Profit before appropriations from the P&L A/c, reverse the items in the P&L Appropriation Account.Net Profit + Interest on Drawings = Divisible Profit + Interest on Capital + SalaryNet Profit + (300 + 200) = 10, 500 + (1, 500 + 500) + 1, 000 Net Profit + 500 = 10, 500 + 2, 000 + 1, 000 Net Profit + 500 = 13, 500 Net Profit = 13, 500 - 500 = Rs. 13, 000 .

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Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :share of profit transferred to Capital A/c's of partners :Ram Rs. 7, 000 Shyam Rs. 3, 500 Interest on capital :Ram Rs. 1, 500 Shyam Rs. 500 Interest on Drawings :Ram Rs. 300 Shyam Rs. 200 Ram's salary Rs. 1, 000

Rs. 13, 000

Rs. 13, 500

Rs. 12, 000

Rs. 11, 000

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