Question

Pen & Pencil are partners sharing the profits in the ratio of 2:3 with capitals of Rs. 120000/- & Rs. 60000/- Respectively. On 1 October 2019, Pen & Pencil gave loans of Rs. 240000/- & Rs. 120000/ respectively to the firm to use his property for business for a monthly rent of Rs. 5,000.Loss for the year ended 31 March 2020 before rent & interest amounted to Rs. 9000/-. Show Distribution of profit/loss.​

Answer 1

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