Question

Ankur, Bhawna and Disha are partners in a firm. On 1st April 2019, the balances in their Capital Accounts stood at ₹ 14,00,000, ₹ 6,00,000 and ₹ 4,00,000 respectively. They shared profits in the proportion 7:3:2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhawna @ Rs 50,000 p.a. and a commission of ₹ 3,000 per month to Disha as per the provisions of
the Partnership Deed. . Bhawna’s share of profit (excluding interest on Capital) is guaranteed at not less than ₹ 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than ₹ 1,50,000. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March 2020 amounted to ₹ 9,50,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March 2020.

Answer 1

Answer:

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Answer 2

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