Question

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.​

Answer 1

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...