Accountancy, asked by ynikhilkumar357, 8 months ago

55. Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5:3:2. Their capitals as on 1st April, 2019
were: Kabir-5,20,000, Zoravar-3,20,000 and Parul-2,00,000.
The Partnership Deed provided as follows:
(0) Kabir and Zoravar each will get salary of 24,000 p.a.
(ii) Parul will get commission of 2% of Sales.
(ii) Interest on capital is to be allowed @ 5% p.a.
(iv) Interest on Drawings is to be charged @ 5% p.a.
W 10% of Divisible Profit is to be transferred to General Reserve.
Sales for the year ended 31st March, 2020 were 50,00,000. Drawings by each of the partners during the
- year was 60,000. Net Profit for the year was 1,55,500.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020.​

Answers

Answered by TheFairyTale
94

For the year ended 31st March, 2019

84,400

For the year ended 31st March, 2020

3,200 89,200

There are 450 members, each paying an annual subscription of * 200; 1,800 were in arrears for the year...

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