Question

On 1st April 2020 X & Y entered into partnership with capitals of Rs.
5,00,000; and Rs. 4,00,000 respectively. The Partnership Deed has the following
clauses;
i) Interest on capital is to be allowed @5% p.a.
ii) Drawings of X & Y are Rs 1, 00,000 and Rs 80,000. Interest on
Drawings is to be charged @6% p.a.
iii) Salary to X Rs 2,000 per month; and to Y Rs 3,000 p.m.
iv) X will get a commission of 10% on Net profit (after debiting Interest
on Loan from the Profit).
v) Interest on Loan advanced by Y for the whole year, the amount of
Loan being Rs 1,00,000
vi) Profit for the year ended was Rs 7,56,000
Prepare Profit & Loss Appropriation A/c and Partners’ Capital A/c. (

Answer 1

Answer:

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Explanation: