On 1st April, 2016 A and B commenced business with Capitals of 60,000 and
20,000 respectively. On 31st March, 2017 the trading profit (before taking into account
the provisions of deed) was 24,000. Interest on capitals is to be allowed at 6%
p.a.
entitled to a salary of 6,000 p.a. The drawings of the partners A and B were 6,000 and
4,000 respectively. The interest on Drawings for A being 200 and B 100. Assuming
that A and B are equal partners, prepare the Profit & Loss Appropriation A/c and Partner's
Capital Accounts as at 31st March, 2017.
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