Question

P and Q are partners sharing profit and losses in the ratio of 3:2 with their capital on 1st January 2019 as ₹300000 and ₹1000000 respectively. interest on capital is allowed @ 5% per annum. Q is allowed an annual Salary of ₹3000 which he has not withdrawn. During 2019, the profit prior to calculation of interest but after charging Q's salary amounted to ₹45000. prepare profit and Loss Appropriation Account showing allocation of profit​

Answer 1

Answer:

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