Question

P,Q and R are in partnership sharing profit/loss in the ratio of 3:2:4. The capital account balances as on 31-3-2021 as follows : P- ₹170000(Cr), Q- ₹ 110000(Cr), R- ₹ 122000(Cr).
Following information is provided :

a) ₹22240 is to be transferred to general reserve
b) P,Q and R are paid monthly salary of ₹2400, ₹1600 and ₹1800 respectively.
c) partners are allowed interest @6% p.a on closing capital and are charged interest @8% p.a on drawings.
d) P and R entitled to commission @8% and 10% respectively on the net profit before making any appropriation ​

Answer 1

Explanation:

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