Question

X and Y are partners in a firm contributing Rs.1,00,000 and 80,000 as their capital on 1st

April, 2019. They agreed to share profit in ratio 2:1. The partnership deed provided the

followings:

(a) Partners' are allowed interest on their capital @ 5% p.a. and are charged interest on

drawing at 6% p.a. X withdrew 1,000 p.m. at the beginning of each month while Y withdrew

800 p.m. at the end of each month during the year. (b) X is entitled to commission of 10% of net profit for securing contracts from customers.

(c) Y is also entitled to a commission of 10% of net profit after charging commission payable

to X

(d) X is entitled to rent to 1.500 p.m. for the use of his premises by the firm.

The profit of the firm for the year before making above adjustments was Rs.69,000. Prepare

Profit and Loss Appropriation Account for the year 2019-20.​

Answer 1

Explanation:

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Answer 2

Explanation:

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