Question

Q3. A and R are partner's of a firm sharing profits and losses in the ratio of 3:2. Their fixed capital as
on 1/4/16 we're *600000 and * 400000 respectively. The Deed states the following: (a) Interest
on capital allowed @ 10%p.a. (b) Intrest on drawings to be charged @ 4% p.a.) Salary to A oft
2000 p. m. (d) R is entitled to a commission of 5% of the correct Net Profit of the firm before
charging such commission (e) A is entitled to a rent of 73000 p. m. for the use of premises by the
firm.
The Net Profit of the firm for the year ended 31/3/17, before any above adjustment was
400000. Both parties withdrew 5000 in the beginning of every month for the entire year. You
are required to prepare PROFIT AND LOSS APPROPRIATION ACCOUNT for the year ended
31/3/2017​

Answer 1

Explanation:

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