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R,I and M are partners in …

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R,I and M are partners in a firm. On 1st April,2014,their capital accounts stood at ₹8,00,000 ; ₹6,00,000 and ₹4,00,000 respectively. They shared profits and losses in the proportion of 5:3:2. Partners are entitled to interest on Capital @ 10% per annum and salary to I and M @ ₹4,000 per month and ₹6,000 per quarter respectively as per the provisions of the partnership deed. I's share of profit (excluding interest on Capital but including salary) is guaranteed at a minimum of ₹1,00,000 per annum. Any deficiency arising on that account shall be met by M. The profits of the firm for the year ended 31st March,2015 amount to ₹4,00,000. Prepare profit and loss appropriation account for the year ended on 31st March ,2015.

Posted by Shreya Maloo 8 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Dhanuj Raj 8 years, 1 month ago

deficency of Rs 7600 will met by M

Arushi Gupta 8 years, 1 month ago

Deficiency of Rs 30000 will be met by M

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