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:
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.