Please solve this question Ahmad, Bheem and Daniel are partners in a firm. On 1st April, 2011 the balance
in their capital accounts stood at and respectively.
They shared profits in the proportion of 5 : 3 : 2 respectively. Partners are entitled to
interest on capital @ 5% per annum and salary to Bheem @ e 3,000 per month and a
commission of 12,000 to Daniel as per the provisions of the partnership deed.
Ahmad's share
rofit, excludin interest on ca ital is guaranteed at not less
than ,OOO p.a1Bheem's share of profit, including interest on capital but excluding
salary, is guaranteed at not less than e-55,000 p.a. Any deficiency arising on that
account shall be met by Daniel. The profits of the firm for the year ended 31st March
2012 amounted to Q, 16,000. Prepare 'Profit and Loss Appropriation Account' for the
year ended 31st March 2012.
(C.B.S.E. 2013, Outside Delhi)
