Question

On Ist January, 2015 Precious, Noble
and Perfect entered into partnership with capitals of 60,000 * 50,000 and 30,000
respectively. Perfect advanced 10,000 as loan to the partnership on Ist July, 2015. The
partnership deed contained the following clauses.
(i) Interest on capital @ 6% p.a.
(ii) Interest on drawing @ 6% p.a.
Each drew 4,000 at the end of each quarter commencing from 31st March 2015.
(ii) Working Partners Precious and Noble to get salaries of 200 and 300 per month.
(iv) Interest on loan was given to Perfect @ 6% p.a.
(v) Profits and Losses are to be shared in the ratio of 4:2:1 upto 70,000 and above
70,000 equally.
Net Profit of the firm for the year ended 31st December 2015 (before above
adjustments) was 1,11,000.
Prepare the Profit and Loss Appropriation Account and the Personal Accounts of the
partners assuming capital to be fixed.​

Answer 1

Answer:

i no the amount is 6 per amount