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5. David and John were partners …

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5. David and John were partners in a firm sharing profits in the ratio of 4: 1. Their capitals on 1.4.2006 were: David Rs.2,50,000 and John Rs.50,000. The partnership deed provided that David will get a commission of 10% on the net profit after allowing a salary of Rs.2,500 per month to John. The profit of the firm for the year ended 31.3.2007 was Rs.1,40,000. Prepare Profit and Loss Appropriation Account. [4]
  • 1 answers

Sneha Mishra 1 year, 4 months ago

Share of profit transferred to cap ac of David will be 79200 and John will be 19800
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