Question

2. Lalit and Mohit started a partnership business on 1st April 2018 with the capital contribution of 1,00,000 and
80,000. The partnership deed provided:
1) interest on capital @10% p.a.
ii) Lalit to get a salary of 1,000 pm. And Mohit a commission of $20,000 pa.
i Profits are to be shared in the ratio of 3:2.
The profits for the year ended 31st March 2019 before making above appropriations were 1,10,000.
Prepare Profit and Loss Appropriation Account

Answer 1

Answer:

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