Question

Q. 13. A, B and C are partners with Fixed Capitals of 31,00,000; 52,00,000 and
83,00,000 respectively. Their partnership deed provides that :
(a) A is to be allowed a monthly salary of 3600 and B is to be allowed a monthly
salary of 400.
(b) C will be allowed a commission of 5% of the net profit after allowing salaries
of A and B.
(c) Interest is to be allowed on Capitals @ 6%.
(d) Interest will be charged on partner's annual drawings at 4%.
(e) The annual drawings were : B $10,000 and C 315,000.
The net profit for the year ending 31st March, 2016 amounted to 31,72,000.
Prepare Profit and Loss Appropriation Account.
(Ans. Share of Profit : 339,000 to each partner.]
ud into nartnershin on 1st Anril 2016 with capitals of​

Answer 1

Answer:

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