kanaka and eswara are partners commenced their business with capital of ₹100000 and₹80000 respectively on 01-04-2012. they agreed to share profits in the ratio of 2:1. for the year ending 31st March they earned profit ₹24,000 before allowing.
a.intrest on capital at5% p.a
b.intrest on drawing kanaka-₹1500 and eswara ₹1000
c.partnership salary to eswara ₹₹4000 per annum.
d.intrest on loan at 10% p.a
their drawings during the year amounted to kanaka ₹15000 and eswara ₹10000.
kanaka has given loan to the firm ₹30000 on 1-07-2012 for which gets interest as per agreement.
prepare profit and loss appropriation account of the firm.
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