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Sharma and varma were partners in …

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Sharma and varma were partners in a firm sharing profits in the ratio of 4:1. Their capitals on 1.04.2006 were sharma ₹500000 and verma ₹ 100000. The partnership deed provided that sharma will get a commission of 10% on the profit after allowing a salary ₹5000 to verma. The profit of the firm for the year ended 31st March 2007 was ₹280000.

Posted by Sarsij Mishra 6 months, 1 week ago

CBSE > Class 12 > Accountancy

1 answers

Anwushka Soni 6 months, 1 week ago

On 1st April,2023 A and A commenced business with capitals of ₹600000 and ₹200000 respectively on 31st March 2024 the net profit (before taking into account the provision of deed) was ₹240000 interest on capital is to be allowed at 6% per annum b was entitled to a salary of ₹60000 per annum the drawings of the partners a and b were ₹60000 and ₹40000 respectively the interest on drawings for a being ₹2000 and b ₹1000 assuming that A and b are equal partners prepare the profit and loss appropriation account and partners capitals account as at 31st March 2024

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