QUESTION: 14
X, Y and Z are partners in a firm sharing profits in the ratio fo 2:2:1. Fixed Capitals of the partners were X ₹ 5,00,000; Y ₹ 5,00,000 and Z ₹ 2,50,000 respectively. The partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of ₹ 2,000 per month. Profit of the firm for the year ended 31st March, 2022 after debiting Z’s salary was ₹ 4,00,000. Prepare Profit and Loss Appropriation Account.
Answer:
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