2. Bibhu, Sibu and Prabhu started a partnership business on 1st January, 2015 with
Capital of * 25,000, 20,000 and 15,000 respectively.
They mutually agreed on the following points :
(i) Interest on Capital is to be allowed @ 5% p.a.;
(ii) Profits or losses are to be distributed in the ratio of Capital.;
(iii) Bibhu is to receive a commission @21% net profit.
Profit for the year before considering the above points was * 18,000, Each partner
withdrew from the business at the average rate of 7 200 per month for personal expenditure
.
Prepare Profit and Loss Appropriation Account and Partners' Capital Accounts. [T.H.SI
Rimoland Chandan are partners of a firm. On 1st January 2015 th
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2015... January has ND earth.
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