Question

Question No. 2 Ravi, Shashand Tara are in Partnership and on 1.4.2012 their capitals were Rs. 80,000, Rs. 55,600 and Rs. 31,800. Shashi and Tara entitled to salaries of Rs. 5,000 and 4,000 Per anrum respectively before division of profits. Interest is allowed on Capital @10% p.a, and is not charged on drawings of the net Profits, the first Rs. 20,000 is divided in the ratio of 40:35:25 among Ravi, Shashi and Tara respectively. The balance is shared equally. The Profit for the year ending 31.3.2013, after debiting the Partners' salaries, but before charged interest on capital was Rs. 46,340 and the Partners had drawn 16,000 each for personal purposes. Prepare P/L Appropriation A/c and Partners' capital A/C for the year ending 31.3.2013​

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