Question

Basant and Vishnu are partners in a firm. Their capitals on 1st January, 2017 were 25,000 and 20,000 respectively. They are allowed interest on capital @ 8% per annum and interest on drawings is charged @ 12% per annum. Basant gave ? 10,000 to the firm as a loan on 1st July, 2017. Vishnu is entitled to an annual Salary of 5,000. Interest Charged on drawings were * 600 and 500 respectively. The profit for the year ended 31st December, 2017 before making above adjustments was 25,000 Prepare Profit and Loss Appropriation Account for 2017,​

Answer 1

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