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DK, EK and FK were partners …

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DK, EK and FK were partners in a firm sharing profits in the ratio of 7:4:9. Their fixed capitals were ; DK Rs.2,00,000; EK Rs.75,000 and FK Rs.3,50,000. Their Partnership deed provided for the following: (i) Interest on capital @ 9% per annum and Interest on drawings @ 6% per annum. (ii) Salary of Rs.6,000 per month to EK. DK Withdrew Rs.25,000; EK withdrew Rs.15,000 during the year and interest on FK's Drawings was Rs.1,250 on average basis. During the year ended 31st December, 2013, the firm earned a profit of Rs.1,70,000. Prepare P/L Appropriation Account.

Posted by Abc Abh 1 year, 7 months ago

CBSE > Class 12 > Accountancy

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