Question

Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at * 6,00,000:
5,00,000 and 4,00,000 respectively on 1st April, 2019. They shared Profits and Losses in the proportion
ended 3 IST
Pass the necessary Journal entries in the books of the firm.
E
of 4:2:3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu
@ 37,000 per month and 10,000 per quarter respectively as per the provision of the Partnership Deed
Dholu's share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of
110,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended
31st March, 2020 amounted to 4,24,000,
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020.​

Answer 1

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