Accounting for Partnership Firms-Past Adjustments (CBSE Class-12 Accountancy): Questions 16 - 16 of 16

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Question number: 16

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

Write in Short

A and B are partners. Except that interest on their capital@9 % p. a. and charged OD the drawings at the same rate they had no other agreement, either written or oral, between them. A presented the following P&L App. Ale at the end of the year.

P and L Appropriation Account

shows distribution of profits among partners

Particulars

Amount

Particulars

Amount

To interest on capitals@9 % p. a.

By profit for the year

36150

A on Rs. 60, 000

5400

Less: Interest on B/s Loan@5 % on Rs. 10, 000

500

35, 650

B on Rs. 30, 000

2700

By interest on drawings of B@9 % p. a. on Rs. 5000

450

To salary to A

(For working as manager)

4000

To profit

A 2/3

16000

B 1/3

8000

24000

36, 100

36, 100

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