Question

11. Ishant, Sreesanth and Harbhajan are partners of a firm. On 1st January, 2020 their capitals were –
Ishant 1,00,000; Sreesanth 80,000 and Harbhajan 60,000. All of them agreed the followings
(a) Interest on capital is to be given @ 10% p.a.
(b) Ishant is to receive Salary @ 2,000 p.m.
(c) Sreesanth is to receive Commission @4% on net profit after charging such commission
(d) 20% of the net profit is to be transferred to General Reserve Account.
The net profit for the year ended 31st December, 2020 before considering the above facts was 88,000
You are required to show the Profit & Loss Appropriation Account.
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Answer 1

Answer:

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Explanation:

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