Question

Aakash and Sakshi entered into partnership for making crockery on April 01,2017 without any partnership agreement they introduced capital of RS.1200000 and RS.600000 respectively on Oct 01. 2017 Aakash advanced RS 50000 by way of loan to the firm.p and l account for the year showed profit ofvrs.60000 partners could not agree upon the question of interest and basis of division of profit you are required to divide the profit between them giving reason for you answer prepare p and l appropriation account​

Answer 1

Answer:

profit will be divided equally as there is no agreement and interest on loan will be 6%per anum