Question

88. Ankur, Bhavna and Disha are partners in a firm. On 1st April 2019, the balances in their Capital Account
stood at 14,00,000, ? 6,00,000 and 7 4,00,000 respectively. They shared profits in the proportion of
7:32 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhama
50,000 p.a. and a commission of 3,000 per month to Disha as per the provisions of the Partnership Deed
Bhavna's share of profit (excluding interest on capital) is guaranteed at not less than 1.70,000 pa. Disha's
share of profit (including interest on capital but excluding commission) is guaranteed at not less than
71,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the fine for the
year ended 31st March, 2020 amounted to 9,50,000.
Prepare 'Profit and Loss Appropriation Account for the year ended 31st March, 2020.​

Answer 1

1. ₹1,00,00,000
2.2,00,000
12,0000
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