Question

Manu and Vinu are partners in a firm sharing profits in the ratio of 3:2. The balance in their capital accounts as on January 1, 2018 were 40,000 and 25.000. The partnership deed provided that Manu to be paid salary.of 500 p.m. Whereas vinu is to get commission of 4000 for the year. Interest on capital to be allowed 6 % p.a. The drawings of Manu and Vinu for the year was: ₹3000 ,₹1000 respectively. Interest on drawings for Manu and Vinu were 75 and 25 respectively. The net profit of the firm before making these adjustments was 24900. Prepare the Profit and Loss Appropriation Account and capital accounts of partners.​

Answer 1

Answer:

92,900

Explanation:

40,000. 65,000 68,000

+ - +

25,000 500 24,900

________ + _______

65,000 4,000 92,900

_______

68,500