QUESTION: 20
Kamal and Kapil are partners having fixed capital of ₹ 5,00,000 each as on 31st March, 2021. Kamal introduced further capital of ₹ 1,00,000 on 1st October, 2021 whereas Kapil withdrew ₹ 1,00,000 on 1st October, 2021 out of capital.
Interest on capital is to be allowed @ 10% p.a.
The firm earned net profit of ₹ 6,00,000 for the year ended 31st March, 2022.
Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.
Answer:
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Hey! Would you mind providing video solutions? Thanks.
may be in forthcoming months but not with confirmation.