Question

JÄLLUSTRATION 15.
Rahim and Sudesh, the two partners of a business firm, agreed to appropriate the
profits of their firm on the following terms:
(a) Interest is payable on capital @ 5% per annum.
(b) Rahim will be entitled to a salary of 500 per month.
(c Loan advanced by a partner to the firm is to carry interest @ 10% per annum
(d) Interest on drawings to be charged from the partners @ 5% per annum.
(e) Sudesh will get commission @ 1% on the sales made during the year.
() Rahim is entitled to a rent of 25,000 per annum for allowing the firm to carry
on the business in his premises.
The net profit of the firm for the year ended 31st March, 2019, was 1.75,500
before taking into account any of the above terms.
Particulars
Rahim Sudesh
Ending year
₹
1,50,000
Capital Balances on 1st April, 2018
Loan advanced to the Firm on 1st October, 2018
Drawings made during the year
Loan taken from the firm on 1st July 2018 @ 12% p.a.
1,40,000
1,00,00
30,000
40,000
50,000

During the year 2018-19, sales of the firm amounted to 37,00,000.
From the above information, prepare :
(a) Profit and Loss Appropriation journal entries

Account.
(b) Partner's Capital Accounts.
(c) journal​

Answer 1

the circled part is corrected in the capital acc

i hope the answer is correct

and i hope you understand

Answer 2

Explanation:

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