Question

4. (Absence of Partnership Deed) A Presents the following profit and loss appropriation account to his partner B: PROFIT AND LOSS APPROPRIATION ACCOUNT CA DR. To Salary to A 48,000 By Profit for the year 100,400 To Interest on Capital 9,600 4,800 14,400 To interest on B's Loan @ 6% pa. 7,200 To Profi trid, to :- --477 17,600 837 13,200 30,800 1,00,400 100400 There is no partnership deed. B feels that he has not been treated fairly. Point out whether A has contravened the provisions of law and draw out new profit and loss appropriation account as per provisione of Indian Partnership Act. [Ans. Distributable profits as per Act 93,200, to he distributed equally among A and B. Partners are not to be paid any salary or interest on capital, interest on partner's loan has been allowed @ 6% p.a.)​

Answer 1

Answer:

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