Question

7
AG-1212
19 Shreya, Akshat and Vivek were partners in a firm sharing profits in
the ratio 3:3:4. The balances in their capital accounts as on 1st April,
2017 were as under $ 3,00,000, * 4,00,000 and 2,00,000. The
partnership deed provided that Shreya was to be paid a salary of
5,000 p.m. whereas Vivek was to get a commission of * 30,000 for
the year. Interest on capital was to be allowed @ 8% p.a. whereas
interest on drawings was to be charged @ 6% p.a. The drawings of
Shreya were * 3,000 at the beginning of each month while Vivek
withdrew * 30,000 on 1st September, 2017 where as Akshat
withdrew 10000 at the beginning of every quarter. Shreya has
advanced a loan of *2,00,000 to the firm on 1st April, 2007. Akshat
was guaranteed a profit of 50,000 by the firm, deficiency any would
be borne by remaining partners equally. The net profit of the firm for
the year before making the above adjustmentswas * 2,52,000.
Prepare Profit and Loss Appropriation Account
6.5 7.5 us
6 6. 3​

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