A and B are partners sharing profit in the ratio of 3:2 with capital of ₹50,000 and ₹30,000 respectively. Interest on capital is agreed @6% p.a. B is to be allowed salary of ₹2,500. A provision of 5% of net profit to be made in respect of Managers commission and rent of ₹24,000 is to be accounted being payable to A. Profit for the year before manager commission and rent to A was ₹39,000. Prepare Profit and Loss appropriation account and the Partners Capital Account
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Pass the following transactions through proper books to the Ledger. Take out a Trial Balance as on 31st January, 2018. The Cash Book must be balanced.
Transactions marked * are intra-state transactions subject to CGST and SGST @ 6% each.
Transactions marked ** are inter-state transactions subject to IGST @ 12%.
Explanation:
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