P and Q entered into partnership on st April and contributed each through funds as fixed capital and also contributed worth of vehicle and of computer respectively. On st October P provided as loan to the firm. As per the provisions of the partnership Deed:
i of Profits before charging interest on Drawings but after making appropriations to be transferred to General Reserve.
ii Interest on capital at pa and Interest on Drawings @ pa
iii P to ger monthly salary of and Q to get salary of per quarter.
iv P is entitled to a commission of on sales. Sales for the year were
v Profit and Loss to be shared in the ratio of their total capital contribution fixed additional fluctuating introduced up to and above equally.
The profit for the year ended st March before providing for any interest was The drawings of P and Q were and respectively.
Prepare Profit and Loss Appropriation Account
Partners' Capital and current Accounts
