QUESTION: 18
Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April, 2021 were ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings during the year were ₹ 50,000 and ₹ 1,00,000 respectively. Interest on capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Profit for the year ended 31st March, 2022 before giving effect to the above was ₹ 1,20,000. Prepare Profit and Loss Appropriation Account.
Answer:
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