Question

of
62.
On 1st January, 2019, Amal and Anil started a partnership business with capital of 20,000 and 15,000
its by preparing Profit and Loss Appropriation Account of the firm.
respectively. They decided to share profits and losses in the ratio of 3 : 2.
Their partnership deed also provided for the following :
(a) Interest on capital is to be charged at 5% per annum.
(b) Interest on drawings is to be charged at 3% per annum.
(c) Amal's drawings is 500 per month and Anil's drawings 400 per month.
(d) Anil is to get * 300 per month as salary and Amal is entitled to a commission @ 2% on sales (sales
value being * 1,50,000).
Before any of the above adjustments, their profits during 2019 was * 30,026.
Show Profit and Loss Adjustment Account for the year 2019.
Madhu started​

Answer 1

Answer:

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Answer 2

Explanation:

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