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Angad, Fateh and Kothari were partners …

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Angad, Fateh and Kothari were partners in a firm sharing profits in the ratio of 3 : 4 : 5. The fixed capitals were Angad Rs.2,00,000, Fateh Rs.2,50,000 and Kothari Rs.3,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @6% p.a. (ii) Salary of Rs.15,000 p.a. to Kothari. (iii) Interest on partner’s drawings will be charged @12% p.a. (iv) During the year ended 31.3.2009 the firm earned a profit of Rs.1,35,000. (v) Angad withdrew Rs.5,000, Fateh withdrew Rs.6,000 and Kothari withdrew Rs.7,500 on 31.12.2008

Posted by Meenu Chaurasiya 5 months, 3 weeks ago

CBSE > Class 11 > Accountancy

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