P and Q are partners with capitals of Rs. 6,00,000 and Rs. 4,00,000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs. 4, 26,800 for the year. Prepare Profit and Loss appropriation account after taking the following into consideration: i. Interest on P's Loan of Rs. 2,00,000 to the firm ii. Interest on 'capital to be allowed @ 6% p.a. iii. Interest on Drawings @ 8% p.a. Drawings were; P Rs 80,000 and Q Rs. 1000,000 iv. Q is to be allowed a commission on sales @ 3%. Sales for the year was Rs. 1000000 v. 10% of the divisible profits is to be kept in a Reserve Account.
Answers
Answered by
2
Explanation:
answer - loan is divided in 6/100.
profit divided in equal
Attachments:
Similar questions