Question

Arun and Barun, two partners, contributed 24,000 and 20,000 respectively as capital. It is agreed that
besides interest on capital @ 8% per annum they will each get * 500 per month as salary. Half of the
residual profit will be distributed between them in their capital ratio and the other half equally. In the
year ended at 31st March, 2017, the partnership made a profit of * 41,920 and during the period Arun
withdrew 8,400 and Barun 7,200 from the partnership.
Show Profit and Loss Appropriation Account.
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Answer 1

Explanation:

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