Question

Please answer Q15 as quick as possible

15. Reema and Seema are partner sharing profit equally. The partnership deep provides that both Reema and Seema will get monthly salary of Rs. 5,000 each. Interest on Capital will be allowed @ 5% P. A and interest on Drawings Will be Charged @ 10% p.a. Their capitals were Rs. 5,00,000 each and drawing during the year were Rs. 60.000 each.
The firm incurred a loss of Rs. 1,00.000 during the year ended 31st March, 2018.
Prepare Profit and loss Appropriation Account for the year ended 31st March. 2018.

Answer 1

In this case of loss so not make profit &loss appropriation a/c



Only make profit&loss a/c