12 CH. HIGHER SECONDARY PRACTICAL ACCOUNTS prepare a profit and loss appropriation account for the year ended 31st march 2012 from the following particulars:
(a) partner's capital: Haba Rs. 1,00,000; Goba Rs. 1,00,000 ; Kala Rs. 80,000
(b) Partners' Drawings : Haba Rs. 10,000; Goba Rs. 12,000; Kala Rs. 8,000 (c) Interest on Capital to be provided @ Rs. 5% p.a.; (d) Interest on drawings to be provided @ 10% (on an average of 6 months (e) Haba is entitled to a commission @ 10% of net profit before charging such commission; (f) Transfer to Reserve Rs. 10,000; (g) Net Profit before the above provisions stood at Rs. 60,000.
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