A, B and C are partners in Black & Decker Associates, during the year ended 31 st december 2020, on Ist May 2020 C retired and in his place D was admitted on same terms Expenditure Income Misc. Expenses 285,000 G/P 4,550,00 Salaries Rent of property 380,000 Partners 840,000 Gain on sale of Private compat 240,000 Staff 300,000 1,140,00 (Sold after a Year) Printing & Stationary 8,930 Interest on capital Travelling & Conveyance A 80,000 Partners 11,550 B 60,000 Staff 6,320 17,870 C 100,000 HIP of partners paid by firm Dividend Received 250,000 A 50,000 Interest waived off by Creditor 1,000,00 B 80,000 D 75,000 205,000 Building Expansion Exp 1,500,00 Drawings of Partner A, C and D 20000 each PT 480,000 Rates & Insurance 4,000 Repairing & Maintanance 18,200 Legal Charges 6,200 Interest & bank Charges 120,000 Last years loss C/F 350,000 Net profit 2,524,80 6,660,00 6,660,00 Some computers purchased on 15th March 2017, was sold on 15th Sep 2020 for 620,000 (Purchase price was 1 Million) 1- Mr. A, B and C are sharing profit and loss in the ratio of 3:4:5 2- Mr. A Draws salary of Rs. 30000 PM, while the other 3 partners @ Rs. 20000 PM. 3- Legal charges include a sum of Rs. 5000 to prepare partnership deed. 4- Repair & Maintanance include Rs. 9000 for repairing of property of Mr A paid by Firm 5- Salary to staff include Rs. 6000PM to Mr. Ramzan for collecting rent. 6- Partner A and D have letted out their property agaist which they receive rent @ 30000 and 35000 Per Month. 7- Drawing was subject to 15%interest 8- Some computers purchased on 15th March 2017, was sold on 15th Sep for 620,000 ( Purchase price was 1 Million) 9. Partner A and B donated 100000 each to a Govt organization A, B and C are partners in Black & Decker Associates, during the year ended 31 st december 2020, on Ist May 2020 C retired and in his place D was admitted on same terms Expenditure Income Misc. Expenses 285,000 G/P 4,550,00 Salaries Rent of property 380,000 Partners 840,000 Gain on sale of Private compat 240,000 Staff 300,000 1,140,00 (Sold after a Year) Printing & Stationary 8,930 Interest on capital Travelling & Conveyance A 80,000 Partners 11,550 B 60,000 Staff 6,320 17,870 C 100,000 HIP of partners paid by firm Dividend Received 250,000 A 50,000 Interest waived off by Creditor 1,000,00 B 80,000 D 75,000 205,000 Building Expansion Exp 1,500,00 Drawings of Partner A, C and D 20000 each PT 480,000 Rates & Insurance 4,000 Repairing & Maintanance 18,200 Legal Charges 6,200 Interest & bank Charges 120,000 Last years loss C/F 350,000 Net profit 2,524,80 6,660,00 6,660,00 Some computers purchased on 15th March 2017, was sold on 15th Sep 2020 for 620,000 (Purchase price was 1 Million) 1- Mr. A, B and C are sharing profit and loss in the ratio of 3:4:5 2- Mr. A Draws salary of Rs. 30000 PM, while the other 3 partners @ Rs. 20000 PM. 3- Legal charges include a sum of Rs. 5000 to prepare partnership deed. 4- Repair & Maintanance include Rs. 9000 for repairing of property of Mr A paid by Firm 5- Salary to staff include Rs. 6000PM to Mr. Ramzan for collecting rent. 6- Partner A and D have letted out their property agaist which they receive rent @ 30000 and 35000 Per Month. 7- Drawing was subject to 15%interest 8- Some computers purchased on 15th March 2017, was sold on 15th Sep for 620,000 ( Purchase price was 1 Million) 9. Partner A and B donated 100000 each to a Govt organization