Sonu and Monu were partners in a firm sharing profits in the ratio 3.2. Their 6. fixed capitals were Rs. 35,000 and Rs. 25,000 respectively. The partnership deed provided that interest on capital and salary will be treated as charge against the profits. (a) Interest on capital be avowed at 10% p.a. (b) Sonu be allowed a salary of Rs. 2000 p.a. (c) A commission of 10% of the net profit be allowed to Monu. The net profits for the year ended 31st December 2008 was Appropriation Rs. 5,000. Prepare Profit and Loss Appropriation Account. Answer: Sonu's
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Textbook Solutions Class 12 Accountancy Accounting For Partnership Firms Fundamentals
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