Question

Sonu and Rajat started a partnership firm on April 1, 2019. They contributed 8,00,000 and 6,00,000
respectively as their capitals and decided to share profits and losses in the ratio of 3: 2.
The partnership deed provided that Sonu was to be paid a salary of 20,000 per month and Rajat a commission
of 5% on turnover. It also provided that interest on capital be allowed @8% p.a. Sonu withdrew 20,000 on 1st
December, 2017 and Rajat withdrew 5,000 at the end of each month. Interest on drawings was charged @ 6%
p.a. The net profit as per Profit and Loss Account for the year ded ended 31st March, 2020 was 4,89,950. The
turnover of the firm for the year ended 31st March, 2020 amounted to 2,00,000. Prepare Profit and Loss
Appropriation Account for the above transactions in the books of Sonu and Rajat.​

Answer 1

Answer:

6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3 : 2. The partnership deed provided that Sonu was to be paid a salary of Rs. 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew Rs.

Answer 2

Explanation:

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