Question

P.Q and R are in partnership and as on April 1, 2016 their respective capitals were:
Rs 40,000. Rs 30.000 and Rs 30.000. Q is entitled to a salary of Rs 6,000 and Rs 4,000 per annum, payable
before division of profit. Interest is allowed on capital at 5% per annum and is not charged on drawings. On
the net divisible profits, Pis entitled to 50% of the first
Rs 10,000, Q to 30 and R 10 20ºo, over that amount of profits are shared cqually. The profit for the year
ended March 31. 2017. alter debiting partners' salaries, but before charging interest on capital was Rs
21.000 and the partners had drawn Rs 10,000 cach on account of drawings Prepare the Profit and Loss
Appropriation Account showing the distribution of profit and the Capital Accounts of the partners.​

Answer 1

Answer:

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