Question

Amrik, Biswas and Niti entered into partnership on 16 April, 2018 to share profit & Losses
in the ratio of 5:3:2, Amrik guaranteed that Niti's share of profit, after charging interest on
Capital @ 5% p.a, would not be loss than Rs.15000 in any year. The capitals were provided
as follows-Amrik Rs.160000, Biswas 100000 & Niti Rs.80000. Profit for the year ended 31st
Mach, 2019 was Rs.79500 before allowing interest on Capital. Prepare P/L Appropriation
Account.​

Answer 1

Answer:

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