A, B and C were partners in a firm with capitals of 40,000, 30,000 and 20,000 (fixed) respectively. B and C are entitled to a salary of 2,000 and 1,500 per annum. Interest on capital is to be paid @ 5% per annum but no interest on drawings will be charged. Out of the total profit , * 12,000 will be distributed in the ratio of 50 : 30 : 20 and the balance will be distributed equally. The profit of the firm before debiting interest on capital but after debiting salary of partners amounted to 20,100 for the year ended 31st December, 2017. The partners withdrew * 8,000, 7,500 and 4,000 respectively. On 1st January, 2017 the Current Accounts of partners had the following balances- A's Current Account (Credit) * 3,000 B's Current Account (Credit) * 500 C's Current Account (Debit) * 1,000 Prepare Profit and Loss Appropriation Account and Partner's Current Accounts for 2017.
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A 4200 , B 1300 , c 1100, profit to A7200,b4800,c3600
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