Question

c d are partner d is entitled to salary 3000 per month profit before int and salary 80000
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Answer 1

Answer:

C and D are partners in a firm; C has contributed Rs. 1,00,000 and D Rs. 60,000 as capital. Interest is payable @ 6% p.a.  and D is entitled to a salary of 3,000 per month. In 2017-18, the profit was Rs. 80,000 before interest and salary. Divide the amount between C and D. 

Explanation:

Profit and Loss Appropriation a/c

                                               (for the year ended 31st March, 2018)

Dr.                                                                                                                      Cr.

ParticularsAmount Particulars Amount To Salary to D

(3000*12)36000 By profit and loss a/c80000 To interest on capital:

- C

- D 

6000

3600  To Profit transferred to:

- C's Capital a/c

- D's Capital a/c 

17200

17200   80000

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