Question

A B and C were partners in a firm having capitals of ₹2 00 000;2 00 000 and ₹80 000 respectively on 1 st April 2020 .Their current Account balances were A: ₹20 000; B: ₹10 000 and C: ₹5 000(Dr.).According to the partnership deed the partners were entitled to interest on capital @ 10% p.a.B being the working partner was also entitled to a salary of ₹6 000 per quarter.The profits were to be divided as follows:- a) The first ₹60 000 in proportion to their capitals b) Next ₹1 00 000 in ratio of 4:3:1 . c)Remaining profits to be shared equally. The firm made a profit of ₹2 80 000 for the year ended 31 st March 2021 before charging any of the above items.Prepare profit and loss appropriation account and partners capital account.​

Answer 1

Explanation:

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*Corrected Answer*

Answer 2

Answer:

Explanation:

A) The first ₹60 000 in proportion to their capitals

A: 25000

B: 25000

C: 10000

B) Next ₹1 00 000 in ratio of 4:3:1

A: 40000

B: 30000

C: 10000

C) Remaining profits to be shared equally. The firm made a profit of ₹2 80 000 for the year ended 31 st March 2021

A: 93000

B: 93000

C:93000