Question

12.
Prerna, Paras and Jaishri are the partners of a firm. On 1-4-2016 their capital was * 1,50,000,
90,000 and 60,000 respectively. Their drawings were as follows:
Prerna * 15,000 on 1-7-2016 and Paras 24,000 on 30-10-2016.
They distribute half profit in the capital proportion and remaining in the ratio of 2:2:1. Jaishri has
lent out loan of 30,000 on 1-10-2016 to the firm. As per partnership deed per annum 5 %
interest on capital, per annum 12 % interest on drawings is to be calculated. Paras is to be paid
annual salary of 18,000 for his active role in the firm. 10 % commission is to be given to Prerna
from surplus of profit after providing for above mentioned provisions and after deduction of
her such commission. For the year ending on 31-3-2017 profit of the firm before incorporation of
the above mentioned adjustments but after charging interest on loan of Jaishri was * 1,29,450.
It was decided that after the consideration of above mentioned adjustments and transfer of
profit-loss to capital account, total capital of the firm would be identical to the opening capital,
which should be in the proportion of 2:2:1. For this purpose required amount will be introduced
by the partners and excess amount will be withdrawn by the partners.
Prepare profit and loss appropriation account, partners' capital accounts for the year ending on
31-3-2017.​

Answer 1

Explanation:

there is a lot of profit of this question