Question

A and B are partners sharing profits in the ratio of 3 : 2. On 1st April
, 2018 their
capitals were 35,00,000 and 33,00,000 respectively. A was in need of funds and hence
took a loan of 1,00,000 from the firm on 1st July, 2018, agreed rate of interest being
12% p.a.
Profit for the year ended 31st March, 2019 amounted to 1,50,000 before charging
interest on loan to A.
prepare profit loss appropriation account​

Answer 1

Explanation:

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