A, B and C are partners . Under the terms of agreement Interest on capital was to be allowed @10% p.a. C who
did not invest any capital had to be allowed a salary of 12,000 per annum. A and B invested 60,000 and 50,000
as capitals respectively. C is also entitled to a commission of 5% of the profits (after charging salary, and interest.
on capital). It was decided that 20% of the remaining profits should be transferred to donation fund and the
balance of profit to be transferred to the partners in 2:2:1. They withdrew 10,000, 9,000 and 13,000 respectively.
Profits during the year (after charging C’s salary )year amounted to 1,28,000.
Prepare Profit&Loss (App) A/c and Partners Capital A/c
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