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.
Answers
Answer:
Explanation:
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