Question

Q. 5. On 1st April, 2018, A and B commenced business with Capitals of 6,00,000
and 2,00,000 respectively. On 31st March, 2019 the net profit (before taking into
account the provisions of deed) was 2,40,000. Interest on capitals is to be allowed at
6% p.a. B was entitled to a salary of 60,000 p.a. The drawings of the partners A and
B were 360,000 and 40,000 respectively. The interest on Drawings for A being
2,000 and B 1,000. Assuming that A and B are equal partners, prepare the Profit &
Loss Appropriation A/c and Partner's Capital Accounts as at 31st March, 2019.
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Answer 1

Answer:

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