Singh and Gupta decided to start a partnership firm to
manufacture low cost jute bags as plastic bags were creating
many environmental problems. They contributed capitals of
Rs. 1,00,000 and Rs. 50,000 on 1st April, 2012 for this. Singh
expressed his willingness to admit Shakti as a partner without
capital, who is specially abled but a very creative and
intelligent friend of his. Gupta agreed to this. The terms of
partnership were as follows
(i) Singh, Gupta and Shakti will share profits in the ratio of 2 :
2 : 1.
(ii) Interest on capital will be provided @ 6% per annum.Due to shortage of capital, Singh contributed Rs. 25,000 on
30th September, 2012 and Gupta contributed Rs. 10,000 on 1st
January, 2013 as additional capital. The profit of the firm for
the year ended 31st March, 2013 was Rs. 1,68,900.
(i) Prepare profit and loss appropriation account for the year
ending 31st March, 2013.
(ii) Identify any two values which the firm wants to
communicate to the society.
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