Kavita and leela are partners with capitals of ₹600000 and ₹400000 and sharing profit and loose in the ratio of 2:1. Their partnership deed provide that interest on capitals shall be provided @8% p.a. and it is to be treated as a charge against profits. Prepare relevant account to allocate the profit in the following alternative cases:
1. if profit for the year is ₹110000
2.if profit for the year is ₹35000
3.if loss for the year is ₹10000
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If loss for the year is 10000
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1. if profit for the year is ₹110000
2.if profit for the year is ₹35000
3.if loss for the year is ₹10000
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