4. P and Q are partners with capitals Rs. 70000 each sharing profits and losses in the ratio of 7:3. The deed provided the following.
1. Interest on capital at 6% p.a.
2 Interest on drawings at 5% p.a.
3. Interest on loan from partners at 8% p.a. 4. Salary to partners at Rs. 12000 p.a. cach 5. Commission to P at Rs. 400 p.m.
During the year partners drawings were P- Rs. 10000 and Q Rs. 8000. Q provided a loan of Rs. 50000 to the firm on 31-12-2018 for which interest was allowed. The profits of the firm during the year were Rs, 44000.
Prepare profit and loss appropriation ale for the year ending 31-3-2019.
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is admitted as a partner on the date of the Balance Sheet on the following terms:
(a)
(e) Creditors were unrecorded to the extent of
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