Question

A, B and C are partners. On 1st April, 2017, their capital was 4,000; * 2,780 and * 1,590 respectively. Before distributing profit, B * 250 and C * 200 per annum are entitled for salaries. Interest on capital is allowed 5% p.a. but interest is not charged on drawings. Of net divisiable profit of first * 1,000, 40% will be of A; 35% of B; and 25% of C. Remaining profit will be divided equally. For the year ending on 31st March, 2018, the year's profit was * 2,317 (After payment of salaries to partner but before charging interest on capital). Each partner had withdrawn 800 for salary, profit and interest. Prepare Profit & Loss Appropriation account and Partners' Capital account for the year 2017-18.
[Ans : Profit * 1,898.50; Capital Account : A * 4,099.50; B * 3,018.50; C* 1,619] 20 000​

Answer 1

Answer:

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