Question

D. E and Fare partners sharing profits and losses in the ratio of 3:2:1 with capitals 55,000:
335,000 and 20,000 respectively and their current account balances were D 25,500 (Cr.);
22,500 (Dr.); F 750 (Cr.) as on 31st March, 2018. Interest to be provided on capitals and
drawings is 5% p.a. and 6% p.a. respectively. Drawings made by partners D 5,000;
E 73,000 and F 2000.
Before closing the accounts, it was discovered that a car repair bill of D of 2,500 was
charged to profit and loss Account. Also medical expenses of Fof 1,200-were charged to
the firm. The repair of machinery amounting to 35,000 has been debited to machinery
account and depreciation at 10% has been charged on it. Profit earned during the year was
40,000.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018 and
Partners Current Accounts.​

Answer 1

Answer:

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