Question

PRACTICE
1. A, B and Care equal partners in a firm. Their capital account stood in the books on 1st January 2018 as A Rs. 1,00,000;
B Rs. 90,000 and C Rs. 80,000. On 31st December 2018 the net profit and loss account of the firm disclose as Rs.
1,40,000. From the following adjustments prepare profit and loss appropriation account:
i)B Introduce further capital of Rs. 30,000 on 1st July 2018 while C withdraw Rs. 20,000 on 30th September 2018 from
his capital.
ii) The firm took a loan from A amounting to Rs. 40,000 on 1st March 2018.
iii) Partners drawings were: A Rs. 12,000; B Rs. 8,000 and C Rs. 6,000.
iv) Interest on capital and drawings are 5% and 8% p.a respectively.
v) Partners are to allowed salary per annum: A Rs. 16,000; B Rs. 15,000 and C Rs. 12,000.
vi) C will get a commission of 4% on sales. Sale for 2018 amounted to Rs. 2,00,000.
De 1​

Answer 1

Answer:

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