Sudha , Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were 6,00,000 ; ? 4,00,000 and 2,00,000 respectively . Besides her capital Geeta had given a loan of 75,000 to the firm . Their partnership deed provided for the following : Interest on capital @ 9 % p.a. ( ii ) Interest on partners ' drawings @ 12 % p.a. ( iii ) Salary to Sudha 30,000 per month and to Naresh 40,000 per quarter.
Interest on Geeta's loan @ 9 % p.a. During the year Sudha withdrew 50,000 at the end of each quarter , Naresh withdrew 50,000 in the beginning of each half year and Geeta withdrew * 70,000 at the end of each half year . The profit of the firm for the year ended 31-3-2019 before allowing interest on Geeta's loan was * 7,06,750 . Prepare Profit and Loss Appropriation Account
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