Question

vi) C will get a commission of 4% on sales. Sale for 2018 amounted to Rs. 2,00,000.
2. A, B and Care partners sharing profit and loss in the ratio of 3:2:1. The capital of the A, B and Care Rs.1,50.000;
Rs. 1,00,000 and Rs. 50,000 respectively. The net profit of the firm as on 31.3.2019 amounted to Rs.1,25,000.
Prepare profit and loss appropriation account from the following adjustment given below:
a) Interest on capital @ 8% p.a.
b) Interest on drawing @ 10% p.a. Drawing of A amounted to Rs. 1,500 p.m. at the beginning of each month; B Rs.
1,000 p.m. at the middle of each month and C Rs. 500 p.m. at the end of each month.
c) Salary of A Rs. 1,000 p.m. and B Rs. 1,500 p.m.
d) Loan of Rs.1,00,000 given to the firm by C as on 1.10.2018.​

Answer 1

Answer:

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