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Anand, basant and hemant formed a …

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Anand, basant and hemant formed a partnership on 1st january 2004 by contributing 40,000 24,000 8,000 respectively as capital. After 1 month hemant invested capital of 4,000. Anand is entitled a salary of 1, 600 per year. which is payable 1000 from the profit of Basant and 600 from the profit of hemant. After charging interest on capital the profit of the firm is to be devided as under First 8,000 is the ratio of 5:2:1 Next as 18,000 is the ratio of 8:6:4 Balance is the ratio of 1:1:1 The profit of the firm in 2004 before charging interest on capital was 63,000. Prepare profit and loss adjustment account and statement of distribution of profit and loss account.

Posted by Yash Yadav 2 years, 5 months ago

Chhattisgarh Board > Class 12 > Accountancy

0 answers

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