Question

10. A, B and C are partners. The firm showed a profit of 83,000 for the year 2017. Under the terms of agreement C who did not bring any capital is entitled to a salary of $ 12,000 per annum. Interest on partners capital is payable @ 5 percent per annum. A and B have invested * 60,000 and 3 1,00,000 respectively. C is also entitled to a commission @ 5 percent on the profits (after charging salary, interest and such commission). It was decided that 20 percent of the remaining profits should be transferred to donation fund and the balance should be credited to A and B equally. They withdrew * 10,000, * 9,000 and 13,000 respectively. Prepare Partners' Capital Accounts, Current Accounts and Profit and Loss Appropriation Account. ​

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