- Nov 5, 2013
- 415
- 2
- 81
Its related to Profit Loss.
@Admins/Mods - Please pardon me if its against the rules
Its from my accounting basic principles Question is
" Current Accounts balances as on 1st January, 1993 were as :- Amit Rs. 5,000 (Cr.), Namit Rs. 2,000 (Cr.) and Ruchi Rs. 1,000 (Dr.). Profit sharing ratio was Rs. 3:2:1. Amit gets a monthly salary of Rs. 1,500.
Amit draws Rs. 2,000 on the first day of each month and Namit draws Rs. 2,000 on the last day of each month while Ruchi draws Rs. 6,000 at the end of each quarter. Interest on drawings is to be charged @ 12% p.a. Profits for the year before adjustments of interest on drawings and of salary were Rs. 74,040. Show Current Accounts. Show your working clearly."
I have been able to get divisible profits but not the current accounts balances clearly. Please help
@Admins/Mods - Please pardon me if its against the rules
Its from my accounting basic principles Question is
" Current Accounts balances as on 1st January, 1993 were as :- Amit Rs. 5,000 (Cr.), Namit Rs. 2,000 (Cr.) and Ruchi Rs. 1,000 (Dr.). Profit sharing ratio was Rs. 3:2:1. Amit gets a monthly salary of Rs. 1,500.
Amit draws Rs. 2,000 on the first day of each month and Namit draws Rs. 2,000 on the last day of each month while Ruchi draws Rs. 6,000 at the end of each quarter. Interest on drawings is to be charged @ 12% p.a. Profits for the year before adjustments of interest on drawings and of salary were Rs. 74,040. Show Current Accounts. Show your working clearly."
I have been able to get divisible profits but not the current accounts balances clearly. Please help
Facebook
Twitter