11. Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given loan to Pawan of 85,00,000 on 1st April , 2020. Interest was to be charged @ 10% p.a. The firm took loan of 2,00,000 from Nirmal on 1st October, 2020. Before giving effect to the above, the firm incurred a loss of 10,000 for the year ended 31st March, 2021. Determine the amount to be transferred to profit and Loss Appropriation Account.
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Nirmal and Pawan are partners sharing profits in the ratio 3 is to 2
Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given loan to Pawan of Rs. 5,00,000 on 1st April, 2020. Interest was to be charged @ 10% p.a. The firm took loan of Rs 2,00,000 from Nirmal on 1st October, 2019.
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