Question

Only Journal entry for the last sentence:
Soniya, Charu and Smita started a partnership firm on April 1, 2006. They contributed Rs, 5,00,000, Rs. 4,00,000 and Rs. 3,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3:2:1.The partnership provides that Soniya is to be paid a salary of Rs. 10,000 per month and Charu a commission of Rs. 50,000. It also provides that interest on capital be allowed @6% p.a. The drawings for the year were Soniya Rs. 60,000, Charu Rs. 40,000 and Smita Rs. 20,000. Interest on drawings was charged as Rs. 2,700 on Soniya’s drawings, Rs. 1,800 on Charu’s drawings and Rs. 900 on Smita’s drawings. *The net amount of profit as per Profit and Loss Account for the year 2006-07 was Rs. 3,56,600.

(i) Record necessary journal entries.*

(ii) Prepare profit and loss appropriation account

(iii) Show capital accounts of the partners.

Answer 1

As per this question here is the all jouranal entries in pl appropriation account

Answer 2

Answer:

Hope the above pic helps you