Question

Y and z are partners with opening capitals of rs 2,00,000 and RS 1,50,000 respectively and their profit sharing ratio is 3:2. I terest on capital is agreed@10% per annum. Z is to be allowed an annual salary of rs 9,600 . The profits of the year 2016 , before adjustment of interest on capital and before charging amounted to rs 75,000. Y is entitled to a commission of 10% of the profits after deducting salary and interest on capital , but before charging such commission. Prepare profit and loss appropriation account and capital accounts of Y and Z

Answer 1

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