Question

Reema and Seema are partners in the ratio of 2:1 Beema is admitted with 5:11 share which she gets 3:11 from Reema and 2:11 from Seema calculate NPSR​

Answer 1

Answer:

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Explanation:

Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of Rs.15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were Rs.5,00,000 each and drawings during the year were Rs.60,000 each.

The firm incurred a loss of Rs.1,00,000 during the year ended 31st March, 2018.

Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018.

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