Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals
of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6%
p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be
allowed commission Rs. 5,000. Amitabh has also given a Loan on April 01 ,
2019 of Rs. 50,00 to the firm without any agreement. During the year
2019-20, the profits earned is Rs. 22,250.
Prepare Profit and Loss Appropriation account showing the distribution
of profit and the partners’ capital accounts for the year ending March
31, 2020.
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