Question

2. Keshab, Dilip and Probodh are partners in a firm. Their profit/loss sharing ratio is 3:2:1. The net profit
of the firm on 31st December, 2019 was * 25,200.
According to partnership deed, Keshab is entitled to receive salary of * 250 per month. Dilip is entitled to
receive commission @ 1% on gross sales (gross sales during the year amounted to 1,20,000) and Probodh
is to receive bonus of 1,000 per annum.
On 1st January, 2019, the balances of capital account were : Keshab 7 40,000 ; Dilip 350,000 and Probodh
30,000
On 1st July, 2019, Keshab withdrew 3,000 and on 1st March, 2019, Probodh withdrew 6,000
The rates of interest on capital and drawings are fixed at 5% and 8% respectively,
Prepare the Profit and Loss Appropriation Account from the above information of the firm.
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Answer 1

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