Find and prepare profit and loss account for the year

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Reference no: EM132724933

Sania, Rania & Tania are partners in the garments business. They contributed Rs. 40,000/-, Rs. 40,000/- & Rs.80,000/- respectively. The profit sharing ratio among them is 2:2:4 respectively It was agreed that it will be allowed interest on capital and drawings @5% The drawings of Sania are Rs. 8,000/-, Rania Rs. 8,000/- and Tania R 6 000/-. Rania will also take annual Salary Rs 12.060/- The profit of the firm is R50, gobuy

Problem 1: Prepare profit & loss account for the year 2010 and partner's capital accounts

Reference no: EM132724933

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