Amit, Binita and Charu are three partners. On 1st April, 2022, their Capitals stood as: Amit ₹1,00,000, Binita ₹2,00,000 and Charu ₹3,00,000. It was decided that: (a) they would receive interest on Capital @ 5% p.a., (b) Amit would get a salary of ₹10,000 per month, (c) Binita would receive commission @ 5% of net profit after deduction of commission, and (d) 10% of the net profit would be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2023 was ₹5,00,000. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners.

 Amit, Binita and Charu are three partners. On 1st April, 2022, their Capitals stood as: Amit ₹1,00,000, Binita ₹2,00,000 and Charu ₹3,00,000. It was decided that:

(a) they would receive interest on Capital @ 5% p.a.,
(b) Amit would get a salary of   ₹10,000 per month,
(c) Binita would receive commission @ 5% of net profit after deduction of commission, and
(d) 10% of the net profit would be transferred to the General Reserve.
Before the above items were taken into account, the profit for the year ended 31st March, 2023 was ₹5,00,000.
Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners.

 👇 Answer👇

#tsgrewal #tsgrewalsolution #accounts #accountssolution #class12accounts #class12 

for notes and solutions , refer the page .