Plzzz help in this one 33. Ajay, Bijay and Chandan are partners in a firm with capital contributions of t and
90,000 respectively. Their Partnership Deed provides for the following:
(i) Interest on capital to be allowed @ 10% p.a.
(ii) Interest on drawings to be charged @ 10% p.a.
(iii) Bijay and Chandan each is to be paid salary @ 1,500 per month.
(iv) Ajay is to be paid a commission of 5% of the net profit.
(v) The remaining profits are to be distributed as follows:
40% to Ajay; 30% to Bijay; 20% to Chandan and 10% carried to Reserve.
Net profit for the year ended 31st March, 2019 was Ajay withdrew 3,000 per month in
the beginning of each month, 8ijay withdrew 3,000 per month in the middle of each month and
Chandan withdrew 3.000 per month at the end of each month.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2019.
