Question

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 During the year on 1-4-'16 Harpal has withdrawn *15,000 and
Chirag has withdrawn 20,000 on 1-1-'17.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.

Answer 1

Explanation:

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