Question

Q. 1. Asif and Ravi are partners in a firm sharing profits and losses in the ratio of
3 : 2. Their fixed capitals as on 1st April, 2016, were 36,00,000 and 34,00,000
respectively.
Their partnership deed provided for the following:
(a) Partners are to be allowed interest on their capitals @ 10% per annum.
(5) They are to be charged interest on drawings @ 1% per annum.
(a) Asif is entitled to a salary of 2,000 per month.
( Ravi is entitled to a commission of 5% of the correct ner profit of the timni
helore charging such commission.
(e) Asil is entided to a rent of 3,000 per month for the use of his premises by the
The nel profil of the firm for the year ended 31st March, 2017, before providing
for any of the above clauses was 24,00,000.
Both partners withdrew 35,000 at the beginning of every month for the entire
You are required to prepare a Profit and lass Appropriation Account for the year (6)
ended 31st March, 2017,
A.S.C. 2018)​

Answer 1

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