Question

A and B are partners sharing profit in the ratio of 3:2 with opening capitals of rs. 50000 and ts. 30000 respectively . interest on capital is agreed @6% per annum . B is to be allowed an annual salary of rs. 2500. during the year ended 31st March ,2007 the profits of year prior to calculation of interest on capital but after charging B,s salary amounted to rs. 12500.A provision of 5% of the profits after charging interest on capital salary bis to be madevin respect of the A,s commission . Prepare an account showing the allocation of profits . Also prepare partners capital a accounts and current account . current account balances on 1st April ,2006 wear A rs. 2000(cr.) ; B rs. 1500(dr. ).​

Answer 1

Answer:

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