Question

(P&L Appropriation Ac/Partners' Current Alle) A, B and C are in partnerekin
are in partnership with
respective fixed capital of 40,000 : 30,000 and 20,000. B and Care entitled to
salaries of 2.000 and 3 1.500 respectively payable before division of profits. Inter
capital is allowed at 5 per cent per annum, but interest is not charged on drawings
irst 12,000 divisible as profits in any year, A is entitled to 50 per cent, B to 30 per
and C to 20 per cent. Annual profits in excess of 12,000 are divisible equally. The profil
for the year ended 31st March, 2018 was 20,100 after debiting partners' salaries but before
charging interest on capital. The partners' drawings for the year were : A 8,000. B
and C 4,000. The balance on the partners' current account on 1st April, 2017 were
A-23,000 credit; BR 500 credit : { 1,000 debit.
Prepare profit and loss appropriation account and the partners' current accounts.

Answer 1

see the attachment xd

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