Ankit and Bimla are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and ₹ 30,000 respectively. Interest on capital is agreed @ 6% p.a. Bimla is to be allowed a salary of ₹ 2,500 p.a. During the year ended 31st March 2023, profit prior to calculation of the interest on capital but after charging Bimla’s salary was ₹ 12,500. Provision of 5% of the net profit is to be made in respect of the Manager’s Commission. Prepare the account showing the allocation of profits and partner’s Capital Accounts.
Ankit and Bimla are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and ₹ 30,000 respectively.
Interest on capital is agreed @ 6% p.a. Bimla is to be allowed a salary of ₹ 2,500 p.a.
During the year ended 31st March 2023, profit prior to calculation of the interest on capital but after charging Bimla’s salary was ₹ 12,500.
Provision of 5% of the net profit is to be made in respect of the Manager’s Commission.
Prepare the account showing the allocation of profits and partner’s Capital Accounts.
Anurag Pathak Changed status to publish April 15, 2023
