QUESTION: 23
Ashish and Aakash are partners sharing profits in the ratio of 3:2. Their capital Accounts had credit balances of ₹ 5,00,000 and ₹ 6,00,000. respectively as on 31st March, 2022 after debit of drawings during the year of ₹ 1,50,000 and ₹ 1,00,000 respectivley. Net Profit for the year ended 31st March, 2022 was ₹ 5,00,000.
Interest on capital is to be allowed @ 10% p.a.
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.