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Q. In the profit and loss appropriation A/C there are two different salary amounted why?

Asked by Shruti | 16th Dec, 2017, 12:12: PM

Expert Answer:

Thanks for bringing this to our notice. We presume you were talking about Q 16 on Page 1.83. It is a small misprint that has been typed extra. No other salary except for Rs 6,000 provided to Y would be there in P&L Appropriation A/c.
Your P&L Appropriation A/c will include following items on debit side:
(a) Salary to Y: Rs 6,000
(b) Interest on Capital: Rs 7,000, and
(c) Profit transferred to X and Y: Rs 15,500.
This has been updated on our live site and would be soon reflected at your end.

Answered by  | 18th Dec, 2017, 09:37: AM