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Secondary School Accountancy 5 points
A B and C are partners in a firm having Capitals of 200000 and 200000 and 80000 respectively on 1st April 2015 respectively. there current account balances A: 20000 B: 10000 C:5000(dr.). the lartners were entitled the interest on capital @ 10% p.a . B is being the working partner was entitled to a salary of 6000 rupess p. quarter . the profit is to be divided as follows: (a) the 1st 60000 in proportion to their capital (b) next 100000 in the ratio of 4:3:1 (c) remaining profits to be shared equally. the firm made a profit of 280000 for the year ended prepare profit and loss appropriation account
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