Question

3. Kanu and Shruti are partners sharing profits in the ratio of 3 : 2. Their opening Capitals
are 75,000 and 50,000 respectively. Interest on Capital is agreed @ 8% per annum.
Shruti is to be allowed an annual Saiary of 6,000. During 2016 the profits of firm prior to
Calculation of interest on capital and before charging Shruti's salary amounted to *22,000.
A provision of 5% of given profits is to be made in respect of manager's commission.
You are required to make Profit and Loss Appropriation Account and Partners' Capital
Accounts.​

Answer 1

Answer:

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