A and B are partner’s sharing profit in the ratio 2:1 on 31st March 2019, firm’s net profit is Rs. 86,000 the partnership deed provided interest on capital A and B Rs. 5,000 to Rs. 7,000 respectively and Interest on drawing from charged charged A. Rs 1,000 per month. Calculate profit to be transferred to Partner’s Capital A/c.
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86000(net profit) -(5000+7000)interest on capital+1000×12=86000
86000 is the balance for p and l appropriation account.
divison of net profit will be on the credit side of the both of the capital account.
inerest charged on drawings will be debited from the capital account from the partner A(12000)
Explanation:
hope it will help
not able to explain becausr of symbols and columns restrictions
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