Question

1. Elena Avani and Amlili are partners with final capital of 300 000 240,000 and
200,000 respectively. The balance of current account as on 1-1-2019 were Elena
16000 Avani 6000and Ambili 4000 (debit)
Elena advanced a loan of Rs 40 000 on 1July 2019. The partnership deed prvided
the following
(a) Interest on capital
@5%
interest on drawings 6% Each partner withdrew 20000 on July 1" 2019

40000be transferred to general reserve.
(d) Profits and loss to be shared in the proportion of 3:2:1 up to 100.000 and above
Rs.100.000 equally
(e) Net profit of the firm for the year ended 31-12-2019 before the above adjustments
was 230800. Prepare profit and loss appropriation account, partners' capital
account and current account​

Answer 1

Answer:

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