(i) Chahat, Kamakshi and Raunak will contribute Rs. 1,50,000; Rs. 2,50,000 and Rs. 5 00 000 respectively. |
(ii) Interest on capital @ 6% p.a. will be allowed. |
Answer:
Dr Profit and Loss Appropriation Account Cr
Working Note Calculation of Interest on Capital Chahat \[=1,50,000\times \frac{6}{100}=Rs.\,9,000\] Kamakshi \[=2,50,000\times \frac{6}{100}=Rs.\,15,000\] Raunak \[=5,00,000\times \frac{6}{100}=Rs.\,30,000\] Values which motivated Chahat, Kamakshi and Raunak to form partnership are: (i) Sensitivity towards people belonging to low income groups. (ii) Team effort-working as a team for a good cause. Particulars Amt (Rs.) Particulars Amt (Rs.) To Interest on Capital A/cs By Net Profit as per Profit and Loss A/c 4,50,000 Chahat 9,000 Kamakshi 15,000 Raunak 30,000 54,000 To Profit Transferred to Chahat's Capital A/c 1,32,000 Kamakshi's Capital A/c 1,32,000 Raunak's Capital A/c 1,32,000 3,96,000 4,50,000 4,50,000
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