Question

Amal and bimal our partner in a farm. On first April 2020 their fixed capital accounts showed a balance of Rs 400000 and Rs 800000 respectively. On 1st October 2020 Amal introduced additional capital of Rs 200000 and Whilebimal advanced a lone of Rs 150000 to the farm. The clauses of their partnership deed provided for: a) Interest on capital will be allowed at the rate of 10% per annum. b) Interest on drawings to be charged at the rate of 12% per annum c) AmaI is entitled to get a Commission off 10% on net profit d) 10% of the correct net profit to be transferred to general reserve e) Profits to be shared among them in the ratio 3 : 2 . During the financial year 2020- 21 Amal withdrew Rs 15000 At the beginning of each quarter and Bimal withdrew Rs 15,000 at the end of each quarter. The net profit of the farm before any interest and Commission for the year ended 2021 was Rs 500000 You are required to prepare  Profit and loss appropriation account  Partners capital account  Partners loan account.​

Answer 1

I do not understand your question