Solution-Prepare profit and loss appropriation account

Prepare profit and loss appropriation account

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Reference no: EM132616295

Question - X y z are partner in a firm. The balance their capital amount as on 1-4-2014 were rs. 200000 rs. 100000 and 60000 respectively. They share profit equally. Interest on capital is allowed at 12 % p.a. On 1-10-2011 the partner decided their capital should be rs. 100000 each. The necessary adjustments in the capital are to be made by introducing or withdrawing cash. X was also entitled to salary of rs.5000 per annum. Profit for the year ended on 31-3-2012 before charging interest on capital amount to rs. 100000. You are required to prepare profit and loss appropriation account and showing the distribution of profit among the partner.

Reference no: EM132616295

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Prepare profit and loss appropriation account

Reference no: EM132616295

Reference no: EM132616295

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