Question

2. Soniya, Charu and Smita started a partnership firm on April 1, 2013. They contributed 5,00,000, * 4,00,000
33,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3:2:1. The partner
provides that Soniya is to be paid a salary of 710,000 per month and Charu a commission of 350,000. Ita
provides that interest on capital be allowed @6% p.a. The drawings for the year were Soniya 60,000, CH
340,000 and Smita 320,000. Interest on drawings was charged as 72,700 on Soniya's drawings, 1,800 on Cha
drawings and 1900 on Smita's drawings. The net amount of profit as per Profit and Loss Account for the year
14 was 13,56,600. Prepare profit and loss appropriation account and show capital accounts of the partners.​

Answer 1

Answer:

Did you mean: Soniya, Charu and Smita started a partnership firm on April 1, 2013. They contributed 5,00,000, * 4,00,000 33,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3:2:1. The partner provides that Soniya is to be paid a salary of 710,000 per month and Charu a commission of 350,000. Ita provides that interest on capital be allowed @6% p.a. The drawings for the year were Soniya 60,000, CH 340,000 and Smita 320,000. Interest on drawings was charged as 72,700 on Sonia's drawings, 1,800 on Cha drawings and 1900 on Smita's drawings. The net amount of profit as per Profit and Loss Account for the year 14 was 13,56,600. Prepare profit and loss appropriation account and show capital accounts of the partners.