Question

Ram, Mohan and Shyam are partners in the firm sharing profits in the ratio of 5:4:1. Their capital balances in the beginning of the year has been given as Ram-Rs.600,000; Mohan-Rs. 500,000; Sham- Rs.360,000. The Deed provides for the following items: 1. They would receive interest on capital@5% p.a. 2. Ram shall be entitled to a salary of Rs.8,000 per month. 3. Mohan is entitled to a commission@2% of net profit after deduction of salary and commission to partner 4. Sham would receive commission @ 5% of net profit after deduction of salary and commission to partner 5. 10% of the divisible profit would be transferred to the General Reserve. 6. Provision for manager commission is to be provided @5% of net profits after charging his comm 7. The Net Profits after charging interest on capital amounting to Rs.2.83,000 for the year ending 31.03.19. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners.​

Answer 1

Answer:

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Explanation:

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