Question

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51. Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 :3 :3. Their fixed capitals on
1st April, 2018 were 9,00,000, 75,00,000 and 4,00,000 respectively. On 1st November, 2018, Yadu gave
a loan of 80,000 to the firm, as per the partnership agreement.
(i) The partners were entitled to an interest on capital @ 6% p.a.
(ii) Interest on partners' drawings was to be charged @ 8% p.a.
The firm earned profit of 2,53,000 (after interest on Yadu's Loan) during the year 2018-19. Partners
drawings for the year amounted to:
Yadu-80,000, Vidu—*70,000 and Radhu— 50,000.
Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2019.
(CBSE 2020
[Ans.: Share of Profit: Yadu—* 61,200; Vidu-* 45,900; Radhu—45,900]
[Hint: Interest on drawings is charged on total amount for an average period of 6 months.]

Answer 1

Answer:

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