Question

3. Subhra, Sonali and Spandan are partners in a firm sharing Profit & Losses as 2:2: 1. The partnership deed
provides the following:
(a) Interest on capital @5% p.a.
(b) Commission of Subhra at 2% of net profit after charging such commission.
(c) Salary to Sonali and Spandan@ Rs 400 and Rs. 300 per month respectively.
Capital accounts as on 1.1.2017 were: Subhra---- Rs. 25,000; Sonali---- Rs. 20,000 and Spandan ---Rs. 15,000.
Net Profit during the year ended on 31.12.2017after charging above items amounted to Rs. 20,400.
During the year each partner drew Rs. 2,500. Prepare profit and loss appropriation account.
1st Januar 2017 with ranitals of Rs. 60,000 and Rs. 40,000 respectively.​

Answer 1

Answer:

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