Question

x.Y and Z are respectively Rs 50000 in a firm. Is a partner with a capital of Rs 30000 and Rs 20000. According to the partnership deed, each partner will be given 5% annual interest on the capital and 1000 annual salary. The profit of the firm before paying interest and salary was Rs. 25000. Create a profit-loss planning account. ​

Answer 1

Answer:

profit & loss appropriation a/c

dr. cr

interest on capital. profit & loss 25000

x. 2500

y. 1500

z. 1000

salary

x. 1000

y. 1000

z. 1000

divisble profit

x. 5666

y. 5666

z. 5667