Question

I
of 2007 - FA UN TI
Kamlesh and Vishal are partners in a firm Their capital on 1 January, 20
and 20,000 respectively. They are allowed interest on capital @ 70
Interest on drawings is charged @ 12% per annum. Kamlesh gave < 10,000 to
loan on 1 July, 2007. Vishal is entitled to get an annual salary of 5,000. Interest Case
on his drawing were 600 and 500 respectively. The profit for the year ended on 3
December, 2007 before making above adjustments were *25,000.
Prepare profit and loss account for 2007.
( -Net profit * 8,600, 8,600.)​

Answer 1

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