Question

Q.28. A, B and C are partners sharing profit in the ratio 3:2:1. Their capitals as on 1st April 2016 A-500,000, B-300,000.
C-200,000. They are entitled to interest on capital @6% p.a. and salary to B and C 5000 per month and 10000 per
quarterly respectively as per Deed.
B's share of profit including interest on capital but excluding salary is guaranteed at minimum of 150,000 p.a. Any
deficiency arising on that account shall be met by C. profit for the year is 520000. prepare profit and loss Appropriation
Account for the year ended 31st March 2017.
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Answer 1

Answer:

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