Question

M, R and S shared profits in the ratio of 2:2:1. M had guaranteed

that S’s share of profit after allowing intrest on capital to all the

partners @ 5% p.a and charging interest on drawings @ 4% p.a. would

not be less than R.s. 10000. The capital of the partners on th 1st april, 2015 were:

M R.s 80000, R R.s 50000, S R.s 30000. The net profit for the year

ended 31st march 2016 before allowing or charging any interest

amounted to R.s 40000

M had withdrawn R.s 4000 n 1st april 2015, While S withdrew R.s 5000

during the year. You are required to prepare the profit and loss

appropriation account for the year 2015-16.​

Answer 1

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