A ,B and C are partners sharing profits in the ratio of 5 : 3 : 2 with fixed capitals of Rs. 2,00,000 Rs. 1,50,000 and Rs. 1,00,000 respectively.The Balance of current account on 1st April,2014 were A Rs.10,000(cr);B Rs,4,000(cr) and C Rs. 3,000(Dr.). A had advanced a loan of Rs.50,000 to the firm on 31st Dec.2014.The net profit for the year was Rs.1,20,750 before, charging interest.The partnership deed provided for the following: (i)Interest on capital is agreed @ 6% p.a. (ii) Interest on drawing at 9 % p.a. Each partner withdrew Rs.12,000 . (iii)Rs.25,000 is to be transferred to Reserve A/c (iv)Profit sharing ratio 5:3:2 Prepare an account showing the allocation of profits and partners' capital a/c,current a/c.

Question

A ,B and C are partners sharing profits in the ratio of 5 : 3 : 2 with fixed capitals of Rs. 2,00,000 Rs. 1,50,000 and Rs. 1,00,000 respectively.The Balance of current account on 1st April,2014 were A Rs.10,000(cr);B Rs,4,000(cr) and C Rs. 3,000(Dr.). A had advanced a loan of Rs.50,000 to the firm on 31st Dec.2014.The net profit for the year was Rs.1,20,750 before, charging interest.The partnership deed provided for the following:

(i)Interest on capital is agreed @ 6% p.a.

(ii) Interest on drawing at 9 % p.a. Each partner withdrew Rs.12,000 .

(iii)Rs.25,000 is to be transferred to Reserve A/c

(iv)Profit sharing ratio 5:3:2 

Prepare an account showing the allocation of profits and partners' capital a/c,current a/c.