QUESTION: 17
Reema and Seema are partners sharing profits equally. The partnership Deed provides that both Reema and Seema will get monthly salary of ₹ 15,000 each, Interest on capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were ₹ 5,00,000 each and drawings during the year were ₹ 60,000 each.
The firm incurred net loss of ₹ 1,00,000 during the year ended 31st March, 2022.
Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2022.
Answer:
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Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.