Question

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.

no spam​

Answer 1

Answer:

another one biggest question