Meena and Nargis were partners in a firm sharing profits in the ratio of 3:2 On 31st March 2016 their capitals were Rs. 6,00,000 and Rs. 5,00,000 respectively. On 1st Oct 2016 they decided that their total fixed capital will be Rs. 12,00,000. They further decided that this capital should be in their profit sharing ratio. Accordingly they introduced extra capital or withdrew excess capital. The partnership deed provided the following: (i) Interest on capital @12%p.a. (ii) Interest on drawing @ 18%p.a. (iii) A monthly salary of Rs. 4,000 to Meena and monthly salary of Rs. 3,000 to Nargis. Meena withdrew Rs. 2,400 in the beginning of every month and Nargis withdrew Rs. 2,400 at the end of every. During the year the firm earned a Net Profit of Rs. 3,00,000. 10% of this profit to be transfer to General Reserve A/C. Prepare the Profit and Loss Appropriation A/C partners capital and Current A/CS.
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