Q. A and B are partners in a firm sharing profits or losses in the ratio of 2:3 with capitals of Rs. 400000 and Rs. 800000 resp. on 1st Apr, 2016. Each partner is entitled t0 10% p.a. interest on his capital. B is entitled a commission of 10% on net profit remaining after deducting interest on capital but before charging any commission. A is entitled a commission of 8% of net profit remaining after deducting interest on capital and after charging all commission. The profit for the year ended 31st March, 2017 prior to calculation of interest on capital was Rs. 600000. Prepare profit and loss Appropriation Account. 

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A and B are partners in a firm sharing profits or losses of 2:3 with capitals of400000 and 800000 on 1 April 2016. A and B are partners in a firm sharing profits and losses in the ratio of 2 raise to 3 with Capitals of 400000 and 800000 respectively on 1st April 2016 each partner is entitled to 10% per annum interest on his capital b is entitled to a commission of 10% on net profit remaining after deducting interest on capital before charging any commission is entitled the commission of 8% of net profit remaining after deducting interest on capital after charging all commission is the profit for the year ended 31st March 2017 prior to calculation of interest on capital was 600000 prepare Profit and Loss appropriation account
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Answer: dk goel question no. 8

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