Question

Ashish and Vishal are partners sharing profits in the ratio of 2:3. Their capitals are₹5,60,000 and₹3,20,000. Interest is to be allowed on capitals@6%p.a. Profit before charging interest on capital is₹42,000.
Prepare profit and loss appropriation account for the year ending 31st March 2021 to distribute profit or loss ,if interest on capitals is a charge against profit.​

Answer 1

Explanation:

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