Q. 11.*A', 'B'and 'C' are partners in a firm; sharing profits and losses in the ratio of 3:1:1. On 1st Jan., 2004 their capital balance were Rs. 10,000, Rs. 8,000 and Rs. 6,000respectively. They agreed to allow interest on capital at 5% and Rs. 800 and Rs. 600respectively to A and B as salary annually. During that year they made a profit ofRs. 6,200 before allowing interest on capital and partners' salary.Show the partners' capital account and profit and loss account, when the capitalis fixed.

Q. 11.*A', 'B'and 'C' are partners in a firm; sharing profits and loss

1.	Q. 11.*A', 'B'and 'C' are partners in a firm; sharing profits and losses in the ratio of 3:1:1. On 1st Jan., 2004 their capital balance were Rs. 10,000, Rs. 8,000 and Rs. 6,000respectively. They agreed to allow interest on capital at 5% and Rs. 800 and Rs. 600respectively to A and B as salary annually. During that year they made a profit ofRs. 6,200 before allowing interest on capital and partners' salary.Show the partners' capital account and profit and loss account, when the capitalis fixed.
Answer» AND LOSS APPROPRIATION ACCOUNT Particulars Amount Particulars AmountTo Int on capitalA=500006% = 3000B=30,0006% = 1800 4800 By net profit 50000To CommissionA=3000002% 6000 To SalaryB=50012 6000 To CommissionB(notes) 1581 To profits t/f toA's Capital A/c= 23714B's Capital A/c=7905 31619 TOTAL 50000 Total 50000 PARTNERS CAPITAL ACCOUNT Particulars A B Particulars A B To drawings 8000 6000 By bal b/d 50000 30000 By Int oncapital 3000 1800 By commission 6000 1581 To bal c/d 74714 35286 By P/L APP A/c 23714 7905 Total 82714 41286 Total 82714 41286 Notes:- Commission to B= 5% of profits after all expenses including such commission = 50,000-4800-6000-6000= 33,200*5/105 = 1581.do your questions according thisI HOPE it help you mark as brainlist and follow