Question

0. Kamlesh and Vishal are partners in a firm. Their capital on 1st January, 2007 were * 25,000
and 20,000 respectively. They are allowed interest on capital @ 8% per annum and
interest on drawings is charged @ 12% per annum. Kamlesh gave 10,000 to the firm as
a loan on 1st July, 2007. Vishal is entitled to get an annual salary of 5,000. Interest
charged on his drawing were * 600 and 3 500 respectively. The profit for the year ended on
31st December, 2007 before making above adjustments were * 25,000.
Prepare profit and loss account for 2007.
[Ans. Net profit * 8,600, 8,600.]​

Answer 1

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