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Q.3 X and Y are the two partners of the firm sharing their profit in the ratio of 7:3. On 1st jan 2000 their capitals are Rs. 5,00,000 and Rs. 3,00,000. As per the deed interest on capital was charged @ 10%p.a. Drawing of partners were Rs 30,000 and Rs. 20,000. On which interest is received Rs. 3,000 and Rs. 2,000.X is entitled to have a salary of Rs. 4,000 per month and Y is entitled for Rs. 24,000. Commission payable to X and Y are Rs 4,000 and Rs. 5,000. Bonus for both the partner's are Rs. 2,000 and Rs. 4,000. Firm transfer 10% to general reserve profit for the year was Rs. 3,00,000. Prepare profit and loss appropriation account and partner's capital A/c in both the condition. |
Answer» RS 3,00,000 hope it's HELP you!!! |
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