Accountancy- Accounting for Partnership Firms - Fundamentals Set 3

According to Profit and Loss Account, the net profit for the year is Rs. 4,20,000. Salary of a partner is Rs. 5,000 per month and the commission of another partner is Rs. 10,000. The interest on drawings of partners is Rs. 4,000. The net profit as per Profit and Loss Appropriation Account will be :

According to Profit and Loss Account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and interest on partner's drawings is Rs. 2,000. The net profit as per Profit and Loss Appropriation Account will be :

Is rent paid to a partner appropriation of profits?

Which of the following items are recorded in the Profit & Loss Appropriation Account of a partnership firm?

In the absence of express agreement, interest @ 6% p.a. is provided :