Question

Pravesh, Ramesh and Naresh started business by contributing

capitals of Rs 12,00,000 , Rs 10,00,000 and Rs 8,00,000 respectively .

Their profit sharing ratio is 3:2:1 after providing interest on capital @

10% p. a and interest on drawings charging @ 12% p.a. Drawings

of partners were : Pravesh Rs 2,20,000 , Ramesh Rs 2,50,000 and

Naresh Rs 1,60,000. Naresh to whom a salary of Rs 15,000 p.m.

was payable he guaranteed that the firm would earn a profit of Rs

9,50,000before charging or allowing interest and salary payable to

the partners.

The actual profits before any of the above amount to Rs 9,00,000.

Prepare Profit and Loss Appropriation Account.
​

Answer 1

Answer:

Explanation:

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