Question

Q. 31. Swaraj, Viraj and Maharaj are equal partners, their balances in the fixed
capital accounts for the year ended 31st March, 2016 were 31,80,000, 31,60,000 and
1,75,000 respectively.
The balances in their current accounts were as follows:
₹
Swaraj
15,000 (Cr.)
Viraj
13,000 (Dr.)
Maharaj
10,000 (Dr.)
The details of each partner's drawings during the year 2015-16 are as follows:
Swaraj 3600 at the end of each month.
Viraj 800 at the beginning of each month.
Maharaj 400 per month during 2015-16.
The partnership deed further provides that:
(i) Partners are to be allowed interest on Capital A/c balances @ 6% p.a. and that
on Current A/c balances @ 5% p.a.
(ii) Partners are charged interest on drawings @ 5% p.a.
(iii) Maharaj is to be given a salary of $20,000 for the year.
(iv) Swaraj is entitled to a commission of 10% of the corrected net profit of the
firm.
(v) Viraj is entitled to a commission of 10% of the corrected net profit of the firm
after charging such commission.
During the year ended 31st March, 2016, the net profit of the firm was 2,00,000
after deducting Maharaj's salary which had been debited to Salaries A/c.
You are required to prepare the Profit and Loss Annronrinti​

Answer 1

Answer:

Explanation:

focus on balances of current account