Question

a b and c are partners with a fixed capital of 200000,100000 and 50000 respectively. they share profit upto 36000 in their capital ratio and rest in equal proportion. A advance 50000 as loan. the partnership deed provided as under: (a) interest on capital at 5% per annum and interest on drawing @3%. (b) drawing of partner were 20000 each. (c) B was entitled to rent @1000 per month for providing his premises to the firm. (d) C was entitled to commission of 5% on net profit after charging his commission. the net profit before these adjustments for the year ending 2019 was 99000 assuming that current account balance pf partners were A 5000(cr.) B 4000(cr.) C 3000(dr.) prepare profit and loss appropriation , capital account and current account of the partners ( FOR CLASS 12 QUESTION)

Answer 1

Answer:

Explanation:

                     Profit and loss App. A/c                                                                    

To salary                                                   By p/l a/c                         172000

        A                           7200                  By interest   A                       400

        B                           4800                  By interest                            600

To C's contribution

5% of ( 172000-7200- 4800)       8000

To interest  A                      6000

                    B                      12000

                    C                        18000

To profit      A                         39000

                   B                          39000

                   C                          39000

                                                                                                                             

                                               173000                                               173000      

Answer 2

Explanation:

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