Question

Since the dates of drawings are not given,
Will be chapter number 2
Illustration 34.
A, B, and C are partners in a firm. According to the Partnership Deed, the partners are entitled
to draw up to 7,000 per month. On the first day of every month A, B and C drew * 7,000;
6,000 and + 5,000 respectively. Interest on capitals and interest on drawings are fixed
@8%p.a
. and 10% p.a. respectively
. Profit for the year ended 31st March, 2020 was 77,55,000 out
of which 32,00,000 are to be transferred to General Reserve. B and C are to get salary of 730,000
and * 45,000 p.a. respectively and
A is to receive commission @ 10% on distributable profits
after charging such commission. On 1st April
, 2019, balances of their Capital Accounts were
5,00,000, 74,00,000 and 3,50,000 respectively.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2020 and
Capital Accounts of Partners in the books of the firm.​

Answer 1

Explanation:

Account class 12 Answer