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Vinod and Kumar were partners in …

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Vinod and Kumar were partners in a firm sharing profits in the ratio of 3:2. Their fixed capitals on 1-4- 2010 were Vinod Rs.2,00,000 and Kumar Rs.4,00,000. They agreed to allow interest on capital @12% p.a. and charge on drawings @ 15% p.a. The firm earned a profit, before all above adjustments, of Rs.60,000 for the year ended 31-3-2011. The drawings of Vinod and Kumar during the year were Rs.3,000 and Rs.5,000 respectively. Showing your calculation prepare, profit and loss appropriation account of Vinod and Kumar. The interest on capital will be allowed even if the firm incurs a loss.

Posted by Varunesh Renganathan 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Namrata Rathi 4 years ago

Interest on capital of vinod is 19734 and kumar was 45210

10Thank You

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