Question

36. Papia, Diya and Ria are three partners in a firm. Papia, Diya and Ria drew * 10,000, * 8,000 and 6,000 respectively. Interest on capitals and interest on drawings are fixed at 12% and 10% respectively. Profit during the year 2016 was 85,000 out of which 20,000 is to be transferred to general reserve account. Papia and Diya are entitled to receive salary of 4,500 and 3,000 per annum respectively. Ria is entitled to receive commission at 10% on distributable profit. On 1st January, 2016, the balances of their capital accounts were * 60,000, 750,000 and 40,000 respectively. You are required to show the Profit and Loss Appropriation Account for the year ended 31st December, 2016 and the Capital Accounts of Partners in the books of the firm. 1 Profits for the year ended​

Answer 1

Answer:

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