Question

Bir
15,0
45
wuns IU ne year ending 3151 March, 2019.
8. Bakul, Tamal and Simul are partners in a firm with capitals 3 40,000, 5 24,000 and 320,000 respectively
on 1st January, 2018 The Partnership Deed contains the following clauses :
(a) Interest on capital @5% p.a.
(b) Interest on drawings @4% p.a.
(c) Bakul to get salary @ 400 per month.
(d) Tamal and Simul to get @ 10% commission each on the net profit.
(e) Profits and losses to be shared
(i) Up to 4,500 in the ratio of 4:3:2.
(ii) Above 4,500 equally.
The net profit of the firm for the year ended 31st December, 2018 amounts to 20,500 and the drawings
of the partners are: Bakul 2,400, Tamal 1,600 and Simul 1,000.
Prepare the Profit & Loss Appropriation Account and Personal Accounts of the partners assuming
(i) capitals are fixed and (ii) capitals are fluctuating.​

Answer 1

Answer:

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