1.

Anita, Bimla and Cherry are three partners. On 1st April, 2017, their Capitals stood as: Anita ₹ 1,00,000, Bimla ₹ 2,00,000 and Cherry ₹ 3,00,000. It was decided that: (a) they would receive interest on Capital @ 5% p.a. (b) Anita would get a salary of ₹ 5,000 per month. (c) Bimla would receive commission @ 5% of net profit after deduction of commission, and (d) 10% of the net divisible profit would be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2018 was ₹ 5,00,000. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners.

Answer» TION:which GRADE is this.......


Discussion

No Comment Found

Related InterviewSolutions