Question

A,Band C where partner in a firm having capital of ₹200000, ₹200000,₹80000respecty on 1st april 2020.There current account balance where A ₹20000, B₹10000 , C ₹5000(Dr.).according to the partner deed the partners were entitled to interest on capital @10% p.a.B being the working patner was also entitled to a salary of ₹ 6000 per quarater .answer profit & loss appropriation​

Answer 1

Answer:

PROFIT AND LOSS APPROPRIATION A/C

(for the year ended 31st March, 2018)

Dr. Cr.

Particulars Amount Particulars Amount

To Salary to C 12000 By Net Profit a/c 172000

To Interest on Capital a/c