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 Monalichakraborty 22.12.2022 Accountancy Secondary School …

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 Monalichakraborty 22.12.2022 Accountancy Secondary School answered • expert verified Ajay and Vijay are in partnership sharing profits and losses in the ratio of 3:1. On 1st April, 2021, their capitals were ₹ 1,00,000 and ₹ 90,000. The terms of their partnership are as follows: (i) Interest on capital to be allowed at @ 6% per annum. (ii) Interest on drawings to be charged @ 4% per annum. (iii) Partners to get a salary of ₹1,000 each per month. (iv) Vijay to get a commission of 2% on the correct net profit. (v) Any partner taking a loan from the firm to be charged interest on it @ 8% per annum. Ajay had borrowed ₹ 10,000 from the firm on 1st October, 2021. Vijay had withdrawn ₹ 8,000 on 1st July, 2021. During the year ending 31st March, 2022, the firm earned a net profit of ₹ 60,000 before any of the provisions mentioned in the partnership deed. You are required to prepare for the year ending 31st March, 2022: (i) Profit and Loss Appropriation Account. (ii) Ajay’s Capital Account.
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