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A, B, and C are partners …

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A, B, and C are partners in a firm sharing profit and losses in the ratio 3:2:1. The capitals were Rs100000, rs75000, respectively. They agreed to allow interest on capital @10%p.a. Their drawings for the year were Rs10000, rs 8000 and Rs6000 respectively. C was very active getting salary of Rs.2000 p.m.and in return, he guaranteed that firm's profit would not be less than 80000 before charging or allowing interest and salary payable to C actual profit for the year ending 31st march 2017 was Rs.75000. Prepare Profit and loss appropriation A/c and partners capital Account.

Posted by Roshni Raj 7 years ago

CBSE > Class 12 > Accountancy

3 answers

Charu Gautam 7 years ago

75000 - int on cap (10000+7500+5000)-salary (24000) =28500 A profit 14250-1950 =12300 B 9500-1300=8200. C 4750-3250=8000

Roshni Raj 7 years ago

C capital is Rs.50000

Charu Gautam 7 years ago

Where is C 's capital

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