Question

Moli, Bhola and Raj are partners in a firm sharing profit and loss in ratio 3 : 3 : 4. The

partnership deed provided the following

(i) Interest on capital 5% per annum

(ii) Interest on drawings 12% per annum

(iii) Moli was allowed a annual salary of ₹ 4,000.

(iv) Bhola was allowed commission of 10 % of net profit and Raj was guaranteed a profit of

1,50,000 after making all adjustments.

Their fixed capital were ₹ 5,00,000, ₹ 8,00,000 and ₹ 4,00,000 respectively. On 1st April 2016

Bhola extended a loan of 1,00,000 to the firm. The net profit for the year 31st march 2017 is

₹3,06,000

Prepare profit and loss appropriation account and current account assuming that Bhola

withdraw ₹ 5,000 at the end of each month, Moli withdraw 10,000 at end of each quarter and

Raj withdraw 40,000 at the end of each half year.​

Answer 1

Answer:

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Explanation:

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