Question

Pahit and Sabil started business on 1st April, 2017 with capitals of 8,00,000 a
the firm. The terms of partnership agreement are as follows:
ournal entries to rectify the errors.
of to
10% of Profits before charging Interest on Drawings but after making appropriations
to be transferred to General Reserve.
(6) Laterest on Capital @ 6% p.a. and Interest on Drawings @ 5% p.a.
Robit to get a monthly salary of 10,000 and Sahil to get salary of 45,000 per quarte
C) Rohit is entitled to a commission of 1% on Sales. Sales for the year were*35,00,000
(e) Profits and Losses to be shared in the ratio of their capital contribution up
*3,50,000 and balance equally.
Profit for the year ended 31st March, 2018, before providing for any Interest was
9,22,000. Drawings of Rohit and Sahil were * 4,00,000 and 5,00,000 respectively
,
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018
14​

Answer 1

Answer:

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