Question

Perfect advanced * 10,000 as loan to the partnership on 1st October, 2018. The Partnership Deed
150 st April, 2018, Precious, Noble and Perfect entered into partnership with capitals of
60,000, 50,000 and 30,000 respectively.
contained the following clauses:
(i) Interest on capital @ 6% p.a.
(ü) Interest on drawings @ 6% p.a. Each drew 7 4,000 at the end of each quarter commencing
from 30th June, 2018.
(iii) Working partners Precious and Noble to get salary of 200 and 7 300 per month respectively.
(iv) Interest on loan was given to Perfect @ 6% p.a,
Noble is to get rent of 2,000 per month for use of his building by the firm. It is paid to
him by cheque at the end of every month.
(vi) Profits and losses are to be shared in the ratio of 4 : 2:1
up to 70,000 and above
*70,000 equally.
Profit of the firm for the year ended 31st March, 2019 (before the above adjustments) was 1,35,000.
Prepare Profit and Loss Appropriation Account and Capital Accounts of Partners if capitals
are fixed
.​

Answer 1

Answer:

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Explanation:

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