Question

60. The partnership agreement of Rohit, Ali and Sneh provides that:
(0) Profits will be shared by them in the ratio of 2:2:1.
(11) Interest on capital to be allowed at the rate of 6% per r annum
(iii) Interest on drawings to be charged at the rate of 3% per annum.
(iv) Ali to be given a salary of 500 per month.
(v) Ali's guarantee to the firm that the firm would earn a net profit of at least * 80,000 per annum
and any shortfall in these profits would be personally met by him.
The capitals of the partners on 1st April, 2013, were:
Rohit-* 1,20,000; Ali-1,00,000; Sneh- 1,00,000.
During the financial year 2013-14, all the three partners withdrew 1,000 each at the beginning of
every month.
The net profit of the firm for the year 2013-14, was 70,000.
You are required to prepare for the year 2013-2014:
0 Profit and Loss Appropriation Account.
(i) Partners' Capital Accounts.
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Answer 1

Answer:

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