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Joy and Bijoy started a partnership …

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Joy and Bijoy started a partnership business on 1st April 2019 bringing a capital of 60,000 and 40.000respectively. On 1st December , 2019, Bijoy gave a loan of ? 20.000 to the firm at an interest of 9% per annum. During the year they made a profit of 30,000. The other terms and conditions of the partnership were as follows The profits and losses would be shared in the ratio of initial capital. (1) Bijoy would be entitled to a salary @ 600 per month (i) Drawings of the partners were : Joy * 6,000 : Bijoy 9.000 Show Profit and Loss Appropriation

Posted by Kunal Agarwal 2 years ago

ICSE & ISC > Class 12 > Accountancy

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Joy and Bijoy started a partnership business on 1st April 2019 bringing a capital of 60,000 and 40.000respectively. On 1st December , 2019, Bijoy gave a loan of ? 20.000 to the firm at an interest of 9% per annum. During the year they made a profit of 30,000. The other terms and conditions of the partnership were as follows The profits and losses would be shared in the ratio of initial capital. (1) Bijoy would be entitled to a salary @ 600 per month (i) Drawings of the partners were : Joy * 6,000 : Bijoy 9.000 Show Profit and Loss Appropriation

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