Question

hi guys please help me to slove it
Ravish and Sanchit were partners in a firm sharing profits in ratio of 3:2.On 1st April,2020their capitals were 160000and75000.On 1st July,2020 they decided that their total capital (fixed) should be 250000.It was further decided that the capital (fixed) should be in their profit sharing ratio.Accordingly they introduced or withdrew the necessary capital.The partnership deed provides the following:
interest on capital@10%per annum.
interest on drawings@6%per annum.
ravish is entitled to annual salary 6000.
Sanchit is entitled to salary of 600per month.
Drawings of Ravish and Sanchit were 60000and90000for year ended 31st March,2021was 125000.10%of this profit was to be kept in a reserve.
prepare
Profit and loss appropriation account
please give me some guidance for this

Answer 1

Answer:

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