QUESTION: 16
Atul and Mithun are partners sharing profits in the ratio of 3:2.
Balances as on 1st April, 2021 were as follows:
Capital Account (Fixed): Atul – ₹ 5,00,000 and Mithun – ₹ 6,00,000.
Loan Accounts: Atul – ₹3,00,000 (Cr.) and Mithun – ₹ 2,00,000 (Dr.)
It was agreed to allow and charge interest @ 8% p.a. Partnership Deed Provided to allow interest on capital @ 10% p.a. Interest on Drawings was charged ₹ 5,000 each.
Profit before giving effect to above was ₹ 2,28,000 for the year ended 31st March, 2022. Prepare Profit and Loss Appropriation Account.
Answer:
Discover more from WebComm.in
Subscribe to get the latest posts sent to your email.
Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.