20. P and Q are partners sharing profits and losses in the ratio of 60:40. On 1st april 2014, their capitals were : P 5,00,000 and Q 3,00,000. During the yearended 31st March, 2015, they earned a profit of 7,60,000. The terms of partnershipare :(1) Interest on the capital is to be charged @8% p.a.(ii) P will get commisson @ 3% on turnover.(iii)Q will get a salary of 5,000 per month(iv) Q will get commission of 5% on profits after deduction of interest, salary andcommission (including his own commission).(v) P is entitled to a rent of 20,000 per month for the use of his premises by thefirm.Partner's drawings for the year were: P-40,000 and Q- 30,000. Turnoverfor the year was 20,00,000. After considering the above factors, you are required toprepare the Profit and loss Appropriation Account and the Capital Accounts of thePartners.

20. P and Q are partners sharing profits and losses in the ratio of 60

1.	20. P and Q are partners sharing profits and losses in the ratio of 60:40. On 1st april 2014, their capitals were : P 5,00,000 and Q 3,00,000. During the yearended 31st March, 2015, they earned a profit of 7,60,000. The terms of partnershipare :(1) Interest on the capital is to be charged @8% p.a.(ii) P will get commisson @ 3% on turnover.(iii)Q will get a salary of 5,000 per month(iv) Q will get commission of 5% on profits after deduction of interest, salary andcommission (including his own commission).(v) P is entitled to a rent of 20,000 per month for the use of his premises by thefirm.Partner's drawings for the year were: P-40,000 and Q- 30,000. Turnoverfor the year was 20,00,000. After considering the above factors, you are required toprepare the Profit and loss Appropriation Account and the Capital Accounts of thePartners.
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