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P and Q were partners in …

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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 Q ` 2,400. They had fixed capitals of ` 5,00,000 and ` 2,00,000 respectively. The firm earned a profit of ` 3,00,000 for the year ended March 31, 2020. Prepare Profit and Loss Appropriation A/c for the year. 2

Posted by Nithya Manoharan 3 years, 3 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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