Question

X,Y & Z are partners in a firm sharing profits &losses in the ratio of 5:7:8.Their fixed
capitals were Rs.5,00,000, Rs.7,00,000 and Rs.8,00,000 respectively. Their
partnership deed provided the following:
a) Interest on capital@10% p.a.
b) Salary of Rs.5,000 per month to Z
c) Interest on drawings @8% p.a.
X withdrew Rs.40,000 on 31 st January 2009.Y withdrew Rs.50,000 on 31 st March
2019 and Z withdrew Rs.30,000 on 31 st December 2019.During the year ended 31 st
December 2019 the firm earned a profit of Rs.3,50,000. Prepare Profit & Loss
Appropriation A/c for the year ended 31 st December 2019.

Answer 1

Explanation:

X= 68983, Y = 96576, Z = 110373

I.O.C 20000 & salary 60000 debited

p&l 350000 & IOD 5933 credited