Question

- (1) Gautam and Girish are partners of a firm. Their capitals as on 1 - 4 - '18 were 40,000 and 30,000 respectively. Following are the terms of the partnership agreement: (1) Interest on capital is to be allowed at 10% while interest on drawings is to be charged at 12%. (2) Girish is to be paid a monthly salary of 200. on Gautam has withdrawn 3,000 0 1 - 10 - '18, while on the same day Girish has given a loan of 5,000 to the firm. Girish has asked for the appropriate rate of interest on loan. On 31-3-'18, the profit of the firm was 18,670 without taking into consideration the above adjustments. From the above mentioned details, prepare the Profit and Loss Appropriation Account of the firm and the Capital Accounts of the Partners.
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Answer 1

Answer:

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