Question

A and B started a partnership business on 01.01.18. They contributed 3,00,000 and 2,00,000 respectively as their capitals. The terms of the partnership agreement are as given under:

(i) Interest on capital is to be allowed @ 7% p.a.

(ii) B is to get annual salary of 10,000.

(iii) The drawings of the partners were 25,000 and 20,000 respectively The profit for the year ended 3Ft December, 2018, before making above appropriations was 1,56,000. Prepare Profit and Loss Appropriation Account and Capital Accounts for the year ended 31st December, 2018.

(iv) Interest on drawings being 2,500 and 1,500 respectively for A and B.

Answer 1

Explanation:

A constitution can be either unitary or federal. A unitary system is governed constitutionally as one single unit, with one constitutionally created legislature.

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Distinguish between the Unitary and Federal systems of government.

Federal government Unitary government

Power and responsibilities are shared between national and local levels. Power is placed in one central governing system