Question

Adjustments Before the Closing * 0.49. A, B and C are in partnership sharing profits and losses in the ratio of 2:1:1. Following particulars are available from their books: C А A B ₹ ₹ Capital Accounts 1st April, 2015 Current Accounts 1st April, 2015 Drawings Life Insurance Premium 1st October, 2015 20,000 1,500 6,000 2,000 15,000 10,000 2,500 (Dr.) 2,000 4,000 4,000 Life Insurance Premium of A has been paid by the firm and has been charged to General Expenses A/c. Partners are allowed 8% p.a. interest on their capitals and charged at 10% p.a. on their drawings. Profits for the year ending 31st March, 2016 amounted to 320,800 before taking into account the interest on capitals and drawings. While calculating profits, depreciation at the rate of 20% p. a. has been omitted on building of the value of $20,000. Prepare Profit and Loss Appropriation Account and Accounts for the year.​

Answer 1

Answer:

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