Question

Q.5 Karam Singh and Suleman decided to start a partnership firm. They contributed capitals of 2,00,000 and21,00,000 respectively. On 1st April, 2019, Suleman expressed his willingness to admit Inderjeet, a very creativeand intelligent person, as a partner without capital in the firm. Karam Singh agreed to this. It was deaded thatKaram Singh, Suleman and Inderjeet will share profits in the ratio of 2 : 2:1. Interest on capital will be providedPa Due to shortage of capital, Kamm Singh introduced 50,000 on 30th September, 2016 and Sulemancontributed 20,000 on 1st January 2020 as additional capital. The profit of the firm for theyear ended 31stMarch, 2020 was R2,00 300. Prepare profit and Lox Appropriation Account,​

Answer 1

Answer:

Karam Singh and Suleman decided to start a partnership firm to manufacture low cost paper bags from the waste paper as plastic bags were caeating many environmental problems. For this, they contributed capitals of Rs 20,00,000 and Rs 1,00,000 respectively on 1st April, 2012 Suleman also expressed his willingness to admit Inderjeet as a partner without capital in the firm. Inderjeet is specially abled but a very creative and intelligent friend of his. Karam singh agrccd to this. The terms of partnership were as follows: <br> (i) Karam Singh, Suleman and Inderjeet will share profits in the ratio