L M and N were partners in a firm sharing profit in the ratio of 3: 4:5. Their fixed capital were Rs. 4,00,000, Rs. 5,00,000 and Rs. 6,00,000 respectively. The partnership deed provides for the following
(1) Interest on [email protected]., (2) Salary of Rs. 30,000 p.3. to N, (3) Interest on Partner' drawings @ 12% p.a.
During the year ended 31.12.2015 the firm earned a profit of Rs. 2,70,000. L withdrew Rs. 10,000 on 1.4.2015, M withdrew Rs 12,000 on 30.9.2015 and N withdrew Rs. 15,000 on 30.6.2015.
Prepare profit and Loss Appropriation Account for the year ended 31.12.2015.
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