Question

Mike od Neil are partments Sharing profit and loss
in the ratio 3:7 then the
Capital in the beginning of the year
1/4/2018 were Rs.270000 and Rs. 3,60,000 respectively. partnership Deed provides the Following

1.Intrest on capital to be allowed @ 8% per annum
2. Neil to be paid a
Salary of Rs.5ooo per month
3.intrest on drawing to be allowed @ 6%. 6% per annum then calculate
(Flat rate take on
6%.6% per annum then calculate
the average)

*mike withdrew Rs. 55000 during the years
* The Net Profit before Adjustment from the year Ending 31/3/2019 was as 5,88,000

Prepare Prosit And Loss appropriate Account for the year ending 31/3/2019
​

Answer 1

Explanation:

profit and lossin the ratio 3:7 then ...

07-Jul-2020 · 1 answer

Capital in the beginning of the year 1/4/2018 were Rs.270000 and Rs. 3, 60,000 respectively. partnership Deed provides ...