Question

archana, suresh and deepak are partners in a firm. on 1st April, 2016 the balance in their capital accounts stood at 600000 , 500000 and 400000 respectively. they shared profits in the proportion of 4:2:3. partners are entitled to interest on capital @7% per annum and salary to suresh @10000 per quarter and a commission of 2000 p.m. to deepak as per the provisions of the partnership deed
suresh's share of profit including interest on capital but excluding salary is guaranteed at 60000 p.a. Any deficiency arising on that account shall be mer by archna. The profit of the firm for the year ended 31st march, 2017 amounted to 259000
prepare profit and loss appropriation account for the year ended 31st March , 2017.​

Answer 1

Answer:

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