Question

X, Y and Z are partners with a fixed capital of
2,50,000, 2,00,000 and 3 1,50,000 respectively. They agreed to share
profits upto * 24,000 in their capital ratio and rest of the profit equally)
advanced 50,000 as loan @ 8% p.a. to the firm. The partnership deed
further provided that:
(i) Interest on capital be allowed at 6% p.a. and interest on drawings be
charged at 6% p.a.
(ii) X withdrew * 20,000 during the year while Y and Z withdrew
1,500 p.m. each.
(ii) Z was entitled to commission of 5% of net profit after charging his
commission
The net profit before charging these adjustments for the year was
67.000. Prepare Profit and Loss Appropriation Account​

Answer 1

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