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in Accounting for Partnership – Basic Concepts by (25.6k points)
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Sumi and Mini are partners sharing profits in the ratio of 3: 2. Their capital stood at Rs. 50,000 and Rs. 30,000 respectively. As per the deed interest on capital is payable at 6% p.a. Mini is entitled to an annual salary of Rs. 2,500. The firm has reported a profit of Rs. 12,500 before charging interest on capital but after charging Mini’s salary for the year ending on 31-03-2009).

Towards Manager’s Commission a provision of 5% is to be made. 

Prepare P & L Appropriation Account and partner’s Capital A/c.

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Profit and Loss Appropriation A/c

Capital A/c

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