Anju, Manju, and Sanjay are in partnership with capitals as on 1st April 2022 of ₹ 4,80,000 (credit), ₹ 4,00,000 (credit), and ₹ 32,000 (Debit) respectively. They share profits in the ratio of 2 : 1 : 1.

Their Partnership Deed provides for the following as follows:

(i) Partners are to be allowed interest on capitals @ 5% p.a. and are to be charged interest on drawings @ 6% p.a.

(ii) Anju is to get a remuneration of 10% of the net profit for Customer Relationship Work.

(iii) Manju is to get a commission of 10% of the net profit after charging remuneration to Anju as per clause (ii) above.

(iv) Sajay is to get rent of ₹ 4,000 per month for the use of his premises by the firm.

During the financial year, Anju withdrew ₹ 800 in the beginning of every month, Manju ₹ 1,200 during the month and Sanjay ₹ 1,600 at the end of every month.

The profit of the firm for the year ended 31st March 2023 was ₹ 4,44,000.

You are required to draw the Profit and Loss Appropriation Account for the year ended 31st March 2023. (All calculations to be made to the nearest rupee)

Anurag Pathak Changed status to publish April 20, 2024
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