Question

Q:35. Kavita and Leela are partners with capitals of 6,00,000 and 4,00.000 and
Sharing profits & losses in the ratio of 2:1. Their partnership deed provides that
interest on capitals shall be provided @8% p.a. and it is to be treated as a charge
against profits. Prepare relevant account to allocate the profit in the following
alternative cases:
(i) If profit for the year is 31,10,000
(ii) If profit for the year is 35,000
(ii) If loss for the year is 10,000​

Answer 1

Answer:

20000, 10000 ,30000,15000 ,60000 ,30000