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Accounting
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Please 100% correct within few minutes or else skip 68. The partnership agreement of Rohit, Ali and Sneh provides that : 1. Profits will be shared by them in the ratio of 2:2:1. 2. Interest on capital to be allowed at rate of 6% per annum. 3. Interest on drawings to be charged at the rate of 3% per annum. 4. Ali to be given a salary of 500 per month. 5. Ali gave guarantee to the firm that the firm would earn a net profit of at least 780,000 per annum and any shortfall in these profits would be personally met by him. The capitals of the partners on 1st April, 2013 were : Rohit 1,20,000; Ali 1,00,000; Sneh 1,00,000 During the financial year 2013-14, all the three partners withdrew 31,000 each at the beginning of every month. The net profit of the firm for the year 2013-14 was 370,000. You are required to prepare for the year 2013-2014 : (i) Profit and Loss Appropriation Account. (ii) Partners' Capital Accounts
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