Accountancy, asked by devarshimewada22, 8 months ago

Q. 8. Harpal and Chirag are the partners of a firm. On 1-4-'16 their capital is 60,000
and 1,00,000 respectively. During the year on 1-4-'16 Harpal has withdrawn *15,000 and
Chirag has withdrawn 20,000 on 1-1-'17. Provisions of partnership deed are as follows:
(1) Provide 12% p.a. interest on capital.
(2) Charge 9% p.a. interest on drawings.
(3) 1,000 per month are payable to Harpal for his active role in the firm, while 5%
commission of divisible profit is payable to Chirag.
On 1-12-'16 Harpal has given loan 30,000 to the firm. There is no provision for interest
on loan in the partnership deed. He claims 11% interest on his loan. The profit to the firm
on 31-3-'17 was 79,400, before above mentioned provisons but after charging interest on
loan of Harpal.
From the above information prepare Profit and Loss Appropriation Account and Partners'
Capital Accounts.

Answers

Answered by Gajjubhai4996
2

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