Question

Basant and Vishnu are partners in a firm whose capital on 1st Janu-
ary, 2007 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, 2007. Vishnu is entitle to receive an annual salary
of 5,000. Interest charged on their drawings were ? 600 and 500 respectively. The profit
before making above adjustments were 25,000.
Prepare Profit and Loss Appropriation Account and Partners' Capital A/c 2007.
Profit and loss Annropriation Alc​

Answer 1

Answer:

13325

Explanation:

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