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31. P and Q were partners …

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31. P and Q were partners in a firm sharing profits and losses in the ratio of 7:3. As per partnership deed P was to be paid a monthly salary of 6,000 and Q was to get a bonus of 50,000 per annum. Interest on capital was to be allowed @ 10% p.a. and interest on drawings was to be charged @ 8% per annum. Interest on P's drawings was ? 3,600 and for QR 2,400. They had fixed capitals of 75,00,000 and 2,00,000 respectively. The firm earned a profit of 3 3,00,000 for the year ended March 31, 2020. Prepare Profit and Loss Appropriation A'c for the year.

Posted by Vishal Singh 3 years, 6 months ago

CBSE > Class 12 > Accountancy

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