Basu,harish,jadhav are partners in a firm …
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Basu,harish,jadhav are partners in a firm with the capital 50,000,40000 amd 30000 . •int.on cap.to be allowed 10%p.a •int.on drawing to be charged 10 %p.a • harish and jadhav are each to be paid salaries @500 per month. •basu is to be paid a commission of 5% of the net profit. •The remaining profits are to be divided as follows : 40% to Basu , 30% to harish 20% to jadhav and 10% carried to reserve account . The net profit for the year ended 31.03.2018 was 50000,Basu withdraw 1000 per month at the beginning of eaxh month.harish withdraw 1000per month in the middle of each month and Jadhav withdrew 1000per month at the end of the each month .You are required to prepare the profit and loss appropriation account for the year ended 31.03.2018 only.
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