InterviewSolution
Saved Bookmarks
InterviewSolution
| 1. |
Amal, Bimal and kamal are three partners. On 1st April, 2017, their Capitals stood as: Amal ₹ 40,000, Bimal ₹ 30,000 and Kamal ₹ 25,000. It was decided that:(a) they would receive interest on Capital 5% p.a.,(b) Amal would get a salary of ₹ 250 per month,(c) Bimal would receive commission 4% on net profit after deducting commission, interest on capital and salary, and(d) After deducting all of these 10% of the profit should be transferred to the General Reserve.Before the above items were taken into account, the profit for the year ended 31st March, 2018 was ₹ 33,360. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the Partners. |
|
Answer» Amal, Bimal and kamal are three partners. On 1st April, 2017, their Capitals stood as: Amal ₹ 40,000, Bimal ₹ 30,000 and Kamal ₹ 25,000. It was decided that: (a) they would receive interest on Capital 5% p.a., (b) Amal would get a salary of ₹ 250 per month, (c) Bimal would receive commission 4% on net profit after deducting commission, interest on capital and salary, and (d) After deducting all of these 10% of the profit should be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2018 was ₹ 33,360. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the Partners. |
|