PREPARE PROFIT AND LOSS APPROPRIATION A/C Amal, Vimal and Kamal were partners in the firm sharing profits in the ratio of S:3:2. Their capitals were Rs 60,000, Rs 50,000 and Rs 30,000 resp. The partnership deed contained the following clauses: 1. Interest on capital @6% pa. 2. Interest on Drawings @ 6% pa. Amal drew Rs. 4,000 at the end of each quarter, Vimal drew Rs.2,000 at the beginning of each month and Kamal drew Rs.10,000 at the beginning of each half year. 3. Amal and Vimal to get a salary of Rs. 200 per month and Rs 600 per quarter. 4. Interest on loan was given to Kamal @ 6% pa he advanced a loan of Rs 20,000 on 1st October 2019. 5. Vimal to get a rent of Rs. 2000 p.m for use of his premises by the firm. 6. 10% of the divisible profits to be transferred to General Reserve. Net Profit of the firm for the year ended 31st March 2020 before all the above adjustments was Rs 2,75,000. Prepare Profit and loss Appropriation account for the year ended 31st March 2020.
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