CBSE Class-12 Accountancy: Questions 7 - 12 of 209
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Question number: 7
Question number: 8
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P and Q are partners with capitals of Rs. 6, 00, 000 and Rs. 4, 00, 000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs. 4, 26, 800 for the year. Prepare Profit and Loss account after taking the following into consideration: -
- Interest on P’s Loan of Rs. 2, 00, 000 to the firm
- Interest on ‘capital to be allowed@6 % p. a.
- Interest on Drawings@8 % p. a. Drawings were; P Rs. 80, 000 and Q Rs. 1000, 000.
- Q is to be allowed a commission on sales@3%. Sales for the year was Rs. 1000000
- 10 % of the divisible profits is to be kept in a Reserve Account.