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Class 12AccountancyPartnership Accounts - Basic ConceptsProfit DistributionExpert
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In the appropriation account, net profit of Rs 380000 and interest on drawings of Rs 22000 are shown on the credit side. Total debit items amount to Rs 150000. The remaining profit is to be divided in the ratio 4:3:2. What is the second partner's share?

Answer and explanation

Correct answer: Rs 84000

Total credit = Rs 380000 + Rs 22000 = Rs 402000. Remaining profit = total credit − total debits = Rs 402000 − Rs 150000 = Rs 252000. Sum of ratio = 4+3+2 = 9. Second partner’s share =
\(252000\times\dfrac{3}{9}=252000\times\dfrac{1}{3}=\)Rs 84,000. Closest distractor Rs 112,000 equals the first partner’s 4/9 share; Rs 56,000 equals the third partner’s 2/9 share; Rs 252,000 is the whole remaining profit. Exam tip: Always adjust net profit for items on the credit side (like interest on drawings) and debit side first, then divide the resulting balance by the stated ratio.

Related tags

Appropriation AccountPartnership AccountsProfit DistributionInterest On DrawingsRatio AnalysisPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq
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10 more MCQs
  1. 1If the partnership deed says profit will first be transferred to reserve, what type of adjustment is this?
  2. 2A is guaranteed a minimum profit of rupees twenty thousand. His actual share of profit is rupees seventeen thousand. What is the deficiency?
  3. 3If the deed requires fixed capitals in which account will appropriations like salary and interest be recorded?
  4. 4The deed says interest on drawings is credited to the Profit and Loss Appropriation Account. Why is it credited?
  5. 5The deed provides a monthly salary of Rs 6,000 to partner A and equal profit sharing. Where will the annual salary appear?
  6. 6If the deed says profit will first be transferred to reserve and then shared among partners, what is the first step?
  7. 7If the deed allows A a twenty percent commission on profit before distributing the remaining profit, what is the nature of this item?
  8. 8The deed gives B a firm guarantee of minimum profit of Rs 15,000. Total profit is Rs 60,000 and B’s normal share is Rs 12,000. By how much will profit available to other partners reduce?
  9. 9What is the main basis of profit distribution in partnership?
  10. 10If the partnership deed does not provide profit sharing ratio how will profit be distributed?
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