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CBSE Class 12-commerce Answered

#jiochatL, M and N are partners in a firm sharing profits and losses in the ratio of 2:3:5. On April 1, 2016 their fixed capitals were  Rs. 2,00,000, Rs. 3,00,000 and Rs. 4,00,000 respectively. Their partnership deed provided for the following: 1. Interest on capital @ 9% per annum. 2. Interest on drawings @ 12% per annum. 3. Interest on partner's loan @ 12% per annum. On July 1, 2016, L brought Rs. 1,00,000 as additional capital and N withdrew Rs. 1,00,000 from his capital. During the year L, M and N withdrew Rs. 12,000, Rs. 18,000 and Rs. 24,000 respectively for their personal use. On January 1, 2017 the firm obtained a loan of Rs. 1,50,000 from M. The Net profit of the firm for the year ended March 31, 2017 after charging interest on M's loan was Rs. 85,000. Prepare Profit & Loss Appropriation Account and Partner's Capital Accounts.
Asked by shivani.prg | 20 Apr, 2019, 08:41: PM
answered-by-expert Expert Answer
The details in the question asked are similar to the questions available on our website with complete solutions and workings. Kindly refer the below mentioned link for solutions on similar questions which will help you understand the concept and solve similar problems:
https://www.topperlearning.com/study/cbse/class-12-commerce/accountancy/text-book-solutions/t-s-grewal-part-a-vol-i/539/accounting-for-partnership-firms-fundamentals/2448/b101c504s549e9
Answered by Surabhi Gawade | 22 Apr, 2019, 10:19: AM

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