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L, M and N were partners …

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L, M and N were partners in firm sharing profits in the ratio of 3 : 4 : 5. Their fixed capitals were L Rs.4,00,000, M Rs. 5,00,000 and N Rs. 6,00,000 respectively. The partnership deed provided for the following: a) Interest on capital @ 6% per annum. b) Salary of Rs. 30,000 per annum to N. c) Interest on partner’s drawings will be charged @ 12% per annum. During the year ended 31st March, 2008 the firm earned a profit of Rs. 2,70,000. L withdrew Rs. 10,000 on 1st April, 2008, M withdrew Rs. 12,000 on 31st September, 2008 and N withdrew Rs. 15,000 on 31st December, 2008. Prepare profit and loss appropriation account for the year ended 31st March, 2009. (6)

Posted by Ritika Chauhan 3 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 3 years, 4 months ago

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