Home / Questions / P Q and R are partners in a firm sharing profit and losses in the ratio
P, Q and R are partners in a firm sharing profit and losses in the ratio of P 5/10, Q 3/10 and R 2/10. Their capital accounts at the beginning of the year were P: Rs 30,000, Q: Rs25,000 and R: Rs 10,000. According to partnershipdeed
(i) P is entitled for a salary of Rs 400 permonth.
(ii) Interest on capital and drawing is 10% perannum.
(iii) R is entitled for a commission of Rs 200 per month.
The profit for the year after deducting the commission of R was Rs78,000. The partners made the drawings as P: Rs 1400/-and Q: Rs 1,000/- during the year.
You are required to prepare a profit and loss adjustment account showing how the profit is being distributed among the partners for the year.
Apr 17 2018 View more View Less
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