Question

Ram, Mohan and Gautam are partners in a firm sharing profits as under First Rs20, 000 in the ratio of 5:3:2 and divide profit in excess of Rs 20,000 equally. Their capitals were Rs65, 000, Rs30, 000, Rs20, 000 respectively as on 1st January 2011. On 1st May, 2011, Ram withdraws Rs 10,000 out of capital and on 1st August 2011, Gautam introduced Rs 15,000 as additional capital. Interest on capital is charged @ 12% p.a. Their drawings totaled to Rs 5000, Rs6000, Rs4000 respectively and interest on drawings is charged @ 15% p.a Mohan and Gautam are allowed a salary @ Rs 600 p.m and Rs 500 p.m respectively and Ram is allowed a commission which amounted to Rs 2,500 Keshav, a manager of the firm, is given commission @5% on profits after charging his commission. Firm’s profit after partners’ salaries but before any interest and commission was Rs 48,540. Prepare Profit and Loss Appropriation Account, Partners’ Capital Accounts and Current Accounts. Current Accounts’ balances were Ram Rs 4,200(cr), Mohan Rs1,500(Dr) and Gautam Rs2700(Cr).

Answer 1

Answer:

it's too big it will take so much time