Question

SALARY AND COMMISSION: Amar, Akbar and Anthony are partners in a businessand their capitals on 1st April, 2017 are 20,000; 16,000 and 4,000 respectively. Thepartnership deed provides that:(1) 5% interest is to be allowed on capitals. (2) Anthony gets 2,000 as annual salary.(3) Akbar gets commission @10% after charging such commission. (5) Profits to be dividedin the ratio of 2:1:1. (6) Drawings—Amar 6,000; Akbar 5,000 and Anthony 4,000. TheProfits for the year ending on 31st March, 2018 without taking into account the above factsare 17,200.Draw Profit and Loss Appropriation Account, showing above transactions in the allocationof profits among partners and Partners' Capital Accounts.​

Answer 1

Answer:

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